An Act To Amend and Clarify the Maine Uniform Securities Act
Sec. 1. 32 MRSA §16409, as enacted by PL 2005, c. 65, Pt. A, §2, is amended to read:
§ 16409. Withdrawal or nonrenewal of licensing of broker-dealer, agent, investment adviser and investment adviser representative
Withdrawal of licensing by a broker-dealer, agent, investment adviser or investment adviser representative becomes effective 60 days after the filing of the application to withdraw or within any shorter period authorized by the administrator, unless a revocation or suspension proceeding is pending when the application is filed. If a proceeding is pending, the administrator shall make a determination with respect to the withdrawal application as part of the proceeding. The administrator may institute a revocation or suspension proceeding under section 16412 within one year after the withdrawal became effective automatically or within one year of a license's becoming ineffective due to nonrenewal under section 16406 and issue a revocation or suspension order as of the last date on which licensing was effective.
Sec. 2. 32 MRSA §16508, sub-§1, as enacted by PL 2005, c. 65, Pt. A, §2, is amended to read:
Sec. 3. 32 MRSA §16604, sub-§4, as amended by PL 2011, c. 37, §3, is further amended to read:
The Maine Uniform Securities Act currently provides the Securities Administrator of the Office of Securities within the Department of Professional and Financial Regulation with the authority to institute a revocation or suspension proceeding against a licensee within one year after withdrawal of a license by a licensee. This bill allows the administrator also to institute a revocation or suspension proceeding within one year of a license's becoming ineffective due to nonrenewal.
The bill clarifies that the culpable mental state that must be proven to support a criminal conviction of a person under the Maine Uniform Securities Act is that the person intentionally or knowingly engaged in conduct that violated the Act and that no proof of knowledge of the law is required.
The Maine Uniform Securities Act provides for an order of restitution as part of a civil or criminal action under the Act. The bill allows the administrator to order restitution in a final order as part of an administrative proceeding. The Maine Uniform Securities Act provides that an order of the administrator may be appealed to the Superior Court by the person against whom the order is issued.