(1) The securities commissioner may, by rule or order, require the filing of any prospectus, pamphlet, circular, form letter, advertisement, or other sales literature addressed or intended for distribution to prospective investors, unless: (a) The security or the transaction is exempted by section 11-51-307, 11-51-308, or 11- 51-309; or (b) The security is subject to the filing requirements of section 11-51-304.5.
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