Sec. C-1. 4 MRSA §152, sub-§9, as amended by PL 2001, c. 229, §1, is further amended to read:
9. Licensing jurisdiction. Except as provided in Title 5, section 10004; Title 8, section 279-B; Title 10, section 8003, subsection 5; Title 20-A, sections 10712 and 10713; Title 29-A; Title 32, chapters 2-B, 105 and 114 and 135; and Title 35-A, section 3132, exclusive jurisdiction upon complaint of an agency or, if the licensing agency fails or refuses to act within a reasonable time, upon complaint of the Attorney General to revoke or suspend licenses issued by the agency. The District Court has original jurisdiction upon complaint of a licensing agency to determine whether renewal or reissuance of a license of that agency may be refused. The District Court has original concurrent jurisdiction to grant equitable relief in proceedings initiated by an agency or the Department of the Attorney General alleging any violation of a license or licensing laws or rules.
Notwithstanding any other provisions of law, a licensing agency may not reinstate or otherwise affect a license suspended, revoked or modified by the District Court pursuant to a complaint filed by the Attorney General without the approval of the Attorney General;
Sec. C-2. 5 MRSA §194-B, sub-§2, ¶B, as enacted by PL 2001, c. 550, Pt. A, §2, is amended to read:
B. Sales or transfers for fair market value of:
(1) Any interest in property owned by the public charity or any wholly owned subsidiary, the net proceeds of which are paid solely to the public charity or any wholly owned subsidiary; or
(2) Money or monetary equivalents owned by a public charity or any wholly owned subsidiary in exchange for an interest in property, including securities as defined in Title 32, section 10501 16102, subsection 18 28, to be held by the public charity or any wholly owned subsidiary;
Sec. C-3. 5 MRSA §10051, sub-§1, as amended by PL 2003, c. 505, §1, is further amended to read:
1. Jurisdiction. Except as provided in section 10004; Title 8, section 279-B; Title 10, section 8003; Title 20-A, sections 10712 and 10713; Title 29-A; and Title 32, chapters 2-B, 105 and 114 and 135, the District Court has exclusive jurisdiction upon complaint of any agency or, if the licensing agency fails or refuses to act within a reasonable time, upon complaint of the Attorney General to revoke or suspend licenses issued by the agency and has original jurisdiction upon complaint of an agency to determine whether renewal or reissuance of a license of that agency may be refused.
Sec. C-4. 9-A MRSA §3-506, as amended by PL 1987, c. 129, §62, is further amended to read:
This Part shall does not apply to any transaction covered by section 8-204, nor shall does it apply to any sale, by any dealer or agent or salesman of a registered dealer, registered pursuant to Title 32, chapter 105 135, of stocks, bonds, debentures or securities representing stocks, bonds or debentures registered pursuant to Title 32, chapter 105 135 or expressly exempt from registration thereof.
Sec. C-5. 9-B MRSA §1053, sub-§4, ¶B, as enacted by PL 1993, c. 257, §6, is amended to read:
B. Offers or sales that are exempt from registration by virtue of Title 32, section 10502, subsection 2, paragraph L, N or R 16202, subsections 16, 19 or 26.
Sec. C-6. 10 MRSA §1210-B, sub-§3, as enacted by PL 2001, c. 471, Pt. E, §2, is amended to read:
3. Securities. A sale by a dealer or agent or salesman of a dealer registered pursuant to Title 32, chapter 105 135 of stocks, bonds, debentures or securities representing stocks, bonds or debentures registered pursuant to Title 32, chapter 105 135 or expressly exempt from registration pursuant to Title 32, chapter 105 135;
Sec. C-7. 13 MRSA §1756, last ¶, as enacted by PL 1993, c. 300, §1, is amended to read:
Notwithstanding any other provision of law to the contrary, the offer of membership, shares or other ownership interests in a cooperative affordable housing corporation or any other corporation or unincorporated association organized for the primary purpose of providing housing on a cooperative basis as a consumer cooperative under subchapter I 1 or otherwise is not the offer of a security pursuant to Title 32, chapter 105 135 or any other provision of law.
Sec. C-8. 14 MRSA §1522, sub-§1, ¶L, as enacted by PL 1991, c. 9, Pt. G, §2, is amended to read:
L. Title 32, section 10602 16603;
Sec. C-9. 20-A MRSA §11482, as enacted by PL 1997, c. 732, §4, is amended to read:
§11482. Exemption from registration
A participation agreement offered pursuant to this chapter is not a security as defined in Title 32, section 10501 16102, subsection 18 28. The authority may obtain written advice of legal counsel or written advice from the United States Securities and Exchange Commission, or both, that the offering of a participation agreement is not subject to federal securities laws but is in compliance with those laws and is not in violation of other applicable laws.
Sec. C-10. 24-A MRSA §1402, sub-§4, ¶D, as amended by PL 1999, c. 225, §2, is further amended to read:
D. "Consultant" does not include:
(1) An attorney licensed to practice who is actively practicing law in this State;
(2) An insurance actuary and member or associate of the Society of Actuaries or American Academy of Actuaries;
(3) A public accountant certified under Title 32, chapter 113 or a certified public accountant who is certified under Title 32, chapter 113 and in active public practice;
(4) A licensed insurance producer who receives a fee in lieu of a commission pursuant to section 1450 if the insurance producer receives a fee for the insurance transaction and not for other services provided;
(5) A financial institution or a financial institution holding company if the insurance advice is given as part of its trust department rendering insurance advice in a fiduciary capacity; or
(6) A person authorized to act as or on behalf of an investment advisor in accordance with Title 32, section 10303 and 10304, subsection 2-A 16403 and 16404 to the extent such activities entail providing insurance advice incidental to financial planning advice.
Sec. C-11. 24-A MRSA §3489, sub-§1, ¶C, as enacted by PL 1999, c. 656, §5, is amended to read:
C. "Public offering" means an offer that includes an offer to individuals that is made by means of public advertising or general solicitation. "Public offering" does not include:
(1) Issuance of stock to the mutual holding company or any related stock holding company; or
(2) An offer or sale that is exempt from registration by virtue of Title 32, section 10502, subsection 2, paragraph I, L, N, Q or R 16202, subsections 13, 15, 16, 19 or 26.
Sec. C-12. 24-A MRSA §3489, sub-§6, as enacted by PL 1999, c. 656, §5, is amended to read:
6. Membership interest. A membership interest in a mutual holding company does not constitute a security under Title 32, section 10501 16102, subsection 18 28 or any other law of this State and is not transferable.
Sec. C-13. 24-A MRSA §6208, 2nd ¶, as amended by PL 2001, c. 182, §8, is further amended to read:
If a registration statement for the cooperative is filed with the Office of Securities, pursuant to the Revised Maine Uniform Securities Act, Title 32, chapter 105 135, a copy must be simultaneously filed with the superintendent and a copy must be given to every purchaser of a membership interest or share in the cooperative at least 10 days prior to the sale of the interest or share. Any information required to be filed with the superintendent pursuant to this chapter and contained in the referenced registration materials may be filed in that format with the superintendent and need not be submitted under separate cover. If a registration statement is not filed with the Office of Securities, a disclosure statement containing, to the extent applicable, all the information required to register a security by qualification, pursuant to Title 32, section 10404 16304, must be filed with the superintendent and given to every subscriber at least 10 days prior to the sale. In the alternative, a provider may elect to provide each subscriber a disclosure statement containing those provisions stated in section 6209 determined to be required by the superintendent.
Sec. C-14. 24-A MRSA §6815, sub-§2, as amended by PL 2003, c. 636, §15, is further amended to read:
2. Securities registration. Any sale by a settlement provider of settlement contracts, policies acquired pursuant to settlement contracts or interests therein that constitute a "security" within the meaning of the United States Securities Act of 1933, as amended, or the Revised Maine Uniform Securities Act, as amended, must be registered under those statutes unless there is an available exemption from registration under those statutes.
Sec. C-15. 24-A MRSA §6815-A, as enacted by PL 2003, c. 636, §16, is amended to read:
§6815-A. Regulatory requirements under Maine Uniform Securities Act
This chapter does not preempt the regulatory requirements set forth in the Revised Maine Uniform Securities Act, as amended, including but not limited to the regulation of securities transactions in settlement contracts or viatical settlement contracts and the licensing of any person or entity engaged in the sale of securities.
Sec. C-16. 32 MRSA §1401, sub-§1, ¶B, as enacted by PL 1999, c. 258, §2 and affected by §3, is amended to read:
B. The payee shall deposit the money in either a federally insured deposit or share account or a trust account; the type of account must be disclosed to the payor or the payor's representative and a deposit in a trust account may be invested in or used to purchase only the following:
(1) Federally insured deposit or share accounts;
(2) Securities issued, insured or guaranteed by the United States or by any agency or corporate or other instrumentality of the United States;
(3) Municipal securities that are exempt from registration under Title 32, section 10502 16201, subsection 1, paragraph A; and
(4) Permanent life insurance, other than variable life insurance and annuities, from an insurer authorized to transact insurance in this State, subject to the provisions of Title 24-A, chapter 27. A payee or mortuary trustee may not receive any commission, fee or other consideration from an insurer in connection with the procurement or purchase of insurance permitted by this subparagraph.
Except for fees allowed by this section, all investments made with trust assets remain trust assets.
Sec. C-17. 32 MRSA §4668, sub-§1, ¶C, as enacted by PL 2001, c. 276, §1, is amended to read:
C. A sale by a dealer or agent or salesman of a dealer registered pursuant to chapter 105 135 of stocks, bonds, debentures or securities representing stocks, bonds or debentures registered pursuant to chapter 105 135 or expressly exempt from registration pursuant to chapter 105 135;
Sec. C-18. 32 MRSA §11208, as amended by PL 1989, c. 542, §74, is further amended to read:
§11208. Securities laws unaffected
Nothing in this chapter impairs, derogates or otherwise affects the authority or powers of the administrator under the Revised Maine Uniform Securities Act or the application of any provision to that Act to any person or transaction subject to that Act.
Sec. C-19. 32 MRSA §14701, sub-§4, as enacted by PL 2001, c. 324, §12, is amended to read:
4. Merchandise. "Merchandise" includes any objects, wares, goods, promises, commodities, intangibles, services or other things of value but does not include food or technical or vocational schools located outside of the State that are registered pursuant to Title 20-A, section 9501. "Merchandise" does not include securities that are registered or exempt from registration pursuant to chapter 105 135, the Revised Maine Uniform Securities Act and rules adopted pursuant to that Act.
Sec. C-20. 38 MRSA §2212, sub-§15, as enacted by PL 1989, c. 585, Pt. A, §7, is amended to read:
15. Application. Provide financial assistance by means of revenue obligation securities which are not subject to Title 32, chapter 105 135, relating to dealers in securities.
Effective September 17, 2005.
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