# Corporations and Associations (GCA)

## Title 11. Maryland Securities Act

### Subtitle 5. Registration of Securities

#### Section 11-501

A person may not offer or sell any security in this State unless:

(1) The security is registered under this title;

(2) The security or transaction is exempted under Subtitle 6 of this title; or

(3) The security is a federal covered security.

---

Md. Code Ann., Corps. & Ass'ns (as displayed at mgaleg.maryland.gov, October 16, 2026)