Sec. 1. 24-A MRSA §1402, sub-§4, ¶¶B and C, as enacted by PL 1997, c. 457, §23 and affected by §55, are repealed.

Sec. 2. 24-A MRSA §1402, sub-§4, ¶D, as enacted by PL 1997, c. 457, §23 and affected by §55, is 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; or

(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; or

(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 an investment advisor in accordance with Title 32, sections 10303 and 10304.

Sec. 3. 24-A MRSA §1411, sub-§3, ¶B, as enacted by PL 1997, c. 457, §23 and affected by §55, is amended to read:

B. A licensed insurance producer offering advice concerning a kind of insurance for which the insurance producer is licensed to transact business and does not receive a separate fee for rendering such advice other than commissions or fees for the sale of an insurance or annuity policy;

Sec. 4. 24-A MRSA §1445, sub-§2, as enacted by PL 1997, c. 457, §23 and affected by §55, is amended to read: