With the exception of New York, all states have some form of blue sky or state securities act in place. The broad distinction of the states’ securities acts is between uniform securities act states and non-uniform securities act states.
In 1956, the American Bar Association proposed the Uniform Securities Act as a model for states to follow. The 1956 version served as the basis for the securities law in most states and was adopted in whole or in part in over 30 states. It was not adopted in Arizona, California, Florida, Georgia, Illinois, Louisiana, New York, North Dakota, Ohio, Tennessee, and Texas. Uniform Security Act, 7B, ULA § 510 (1991).
A new version of the Uniform Securities Act was proposed in 2002 and, according to a website maintained by the National Conference of Com- missioners on Uniform State Laws, the following 18 states have adopted the 2002 version: Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Maine, Michigan, Minnesota, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, South Dakota, Vermont, Virgin Islands, Wisconsin.
Under section 509(b) of the Uniform Securities Act of 2002, a person is liable to the purchaser if the person sells a security in violation of section 301 or, by means of an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statement made, in light of the circumstances under which it is made, not misleading, the purchaser not knowing the untruth or omission and the seller not sustaining the burden of proof that the seller did not know and, in the exercise of reasonable care, could not have known of the untruth or omission.