N.M. Stat. § 58-13C-301
registration requirement.
It is unlawful for a person to offer or sell a security in New Mexico unless:
A. the security is a federal covered security;
B. the security, transaction or offer is exempted from registration pursuant to
Sections 201 [58-13C-201 NMSA 1978] through 203 [58-13C-203 NMSA 1978] of the
New Mexico Uniform Securities Act; or
C. the security is registered pursuant to the New Mexico Uniform Securities Act.