Any security offered or sold to a permanent resident of the single state where the issuer of the security resides and does business is exempt under the 1933 act.

1933 Act

The Securities Act of 1933, a U.S. legislation that requires detailed disclosure of financial information from issuers of public securities to protect investors.

Permanent Resident

An individual who has been granted the legal right to live indefinitely within a country other than their nationality.

Issuer

An entity that develops, registers, and sells securities to finance its operations, such as corporations or governmental bodies issuing bonds or stocks.