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

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(a) an isolated non-issuer transaction, whether effected through a broker-dealer or not;

This exemption is for isolated transactions only. The definition of an isolated transaction is a total of no more than two sales during a six month period. This definition applies to the total number of sales in all states. This exemption is self-executing.

There have been several Attorney General's opinions that have dealt with isolated transactions. However, the above definition of “isolated transaction” has now been adopted into the Utah Code at 61-1-13(t).