Arizona Revised Statutes Title 44. Trade and Commerce § 44-1848. Registration of dealers and salesmen dealing with certain exempt securities or engaging in certain exempt transactions; exemptions

A. A dealer or salesman who engages in transactions involving variable contracts, which are exempt under § 44-1843, subsection A, paragraph 4, must register with the commission pursuant to article 9 of this chapter.

B. Notwithstanding any other law, the commission may by rule require that any dealer or salesman who engages in transactions involving securities exempt under § 44-1843, subsection A, paragraph 1, 7 or 9, who engages in transactions involving securities issued by a nonprofit organization which is engaged in, intends to engage in, controls, finances, or lends funds or property to other entities engaged in the construction, operation, maintenance or management of a hospital, sanitarium, rest home, clinic, medical hotel, mortuary, cemetery, mausoleum or other similar facilities or who engages in transactions described in § 44-1844, subsection A, paragraph 1, 4, 11 or 18 or § 44-1845 shall be registered under article 9 of this chapter.  1

C. Any rule adopted pursuant to this section shall require registration of a dealer or salesman engaged in transactions described in § 44-1844, subsection A, paragraph 1 only if such dealer or salesman is engaged principally and primarily in the business of making a series of private offerings. For the purposes of this subsection, “series” means in excess of four private offerings in any consecutive twelve-month period.

D. Subsection B of this section does not apply to transactions involving the following securities: