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: