[§485A-506]  Misrepresentations concerning
registration or exemption.  (a)  The filing of an application for
registration, a registration statement, a notice filing under this chapter, the
registration of a person, the notice filing by a person, or the registration of
a security under this chapter shall not constitute a finding by the
commissioner that the record filed under this chapter is true, complete, and
not misleading.



(b)  The filing or registration or the
availability of an exemption, exception, preemption, or exclusion for a
security or a transaction does not mean that the commissioner has passed upon
the merits or qualifications of, or recommended or given approval to, a person,
security, or transaction.



(c)  It shall be unlawful to make, or cause to
be made, to a purchaser, customer, client, or prospective customer or client, a
representation that is inconsistent with this section. [L 2006, c 229, pt of
§1]