(a) It is unlawful for any person to transact business in this state as a broker-dealer or agent unless he is registered under this Act.

(b) It is unlawful for any broker-dealer or issuer to employ an agent unless the agent is registered. The registration of an agent is not effective during any period when he is not associated with a particular broker-dealer registered under this Act or a particular issuer. When an agent begins or terminates a connection with a broker-dealer or issuer, or bearings or terminates those activities which make him an agent, the agent as well as the broker-dealer or issuer shall promptly notify the Administrator.

(c) It is unlawful for any person to transact business in this state as an investment adviser unless (1) he is so registered under this Act, (2) he is registered as a broker-dealer without the imposition of a condition under § 46205(b)(5), or (3) his only clients in this state are investment companies as defined in the Investment Company Act of 1940, or insurance companies.
(d) Every registration expires one (1) year from its effective date unless renewed.
SOURCE: GC § 45201.