HRS §485A-301
When a security must be registered before being sold
This section says that you cannot offer or sell a security in Hawaii unless it is a federal covered security, is exempt from registration under certain state laws, or is registered with the state. It is a general rule with three exceptions.
everyone
The statute, as written — Securities registration requirement
It is unlawful for a person to offer or sell a security in this State unless: (1) The security is a federal covered security; (2) The security, transaction, or offer is exempted from registration under sections 485A-201 to 485A-203; or (3) The security is registered under this chapter.
Sections this one refers to
§485A-201 Which securities are exempt from registration requirements
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.