(1) The following securities are exempted from Sections 61-1-7 and 61-1-15:

* * *

(i) a security as to which the director, by rule or order, finds that registration is not necessary or appropriate for the protection of investors.

The only way this exemption may be used is by rule or order of the Division. Issuers may seek this exemption by filing a request with the Division along with a $60 filing fee. They must demonstrate that registration is not necessary or appropriate for the protection of investors. This exemption is rarely granted because the Division is more likely to grant an exemption under 61-1-14(2)(v) on a discretionary basis because that exemption is limited to a single transaction.