ARM 6.10.302. FOREIGN SAVINGS AND LOAN ASSOCIATION EXEMPTION

(1) By authority delegated to the commissioner in 30-10-105, MCA, a transaction in a security issued by and representing an interest in or a debt of or guaranteed by a savings and loan association or a building and loan or similar association, other than those described in 30-10-104(4) , MCA, is exempt from the registration requirements of 30-10-202, MCA, if: (a) it is sold through a registered broker-dealer and registered salesperson; (b) the issuer is a member of the federal deposit insurance corporation; or (c) in the case of a certificate of deposit, the sums representing the certificate of deposit are fully insured by the federal deposit insurance corporation.