Section 409.803 - Prohibited contracts - exemptions1. Except as otherwise provided in subdivision (1) of subsection 1 of section 409.806, no person shall offer to enter into, enter into, or confirm the execution of, any transaction for the delivery of any commodity under a commodity contract commonly known as a margin account, margin contract, leverage account, or leverage contract, or under any contract, account, arrangement, scheme, or device that serves the same function or functions or is marketed or managed in substantially the same manner as such account or contract.2. No person shall sell or purchase, or offer to sell or purchase, any commodity under any other commodity contract or under any commodity option or offer to enter into or enter into as seller or purchaser any other commodity contract or any commodity option. The provisions of this subsection shall not apply to any of the following persons, or any employee, officer or director thereof acting solely in that capacity: (1) A person registered with the Commodity Futures Trading Commission as a futures commission merchant or as a leverage transaction merchant whose activities require such registration;(2) A person registered with the Securities and Exchange Commission as a broker-dealer whose activities require such registration;(3) A person affiliated with, and whose obligations and liabilities are guaranteed by, a person referred to in subdivision (1) or (2) of this subsection;(4) A person who is a member of a contract market designated by the Commodity Futures Trading Commission, or any clearinghouse thereof;(5) A financial institution;(6) A person registered under the laws of this state as a securities broker-dealer whose activities require such registration; or(7) A person registered as a commodity broker-dealer or commodity sales representative in accordance with the provisions of sections 409.850 to 409.863.L. 1985 H.B. 409 & 532 § 2