Are there any laws that limit an average investor from buying options?

Answer 1

Characteristics and Risks of Standardized Options - written and published by The Options Clearing Corporation, must be read by an investor prior to buying or selling options contracts.

That is the only regulation or law required, however some brokerages will have other requirements, such as a minimum account balance, that have to be met before they will allow an average investor to buy options.

Answer 2

No but if you are not experienced with options I would aviod them.