| | | 21.__Viatical settlement contract.__"Viatical settlement | | contract" means an agreement for the purchase, sale, assignment, | | transfer, devise or bequest of any portion of the death benefit | | or ownership of a life insurance policy or certificate for | | consideration that is less than the expected death benefit of the | | life insurance policy or certificate.__"Viatical settlement | | contract" does not include: |
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| | | A.__The assignment, transfer, sale, devise or bequest of a | | death benefit, life insurance policy or certificate of | | insurance by the viator to the viatical settlement provider | | pursuant to the Viatical Settlements Act; |
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| | | B.__The assignment, transfer, sale, devise or bequest of a | | life insurance policy, for any value less than the expected | | death benefit, by the viator to a friend or family member | | who enters into no more than one such agreement in a | | calendar year; |
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| | | C.__An assignment of a life insurance policy to a bank, | | savings bank, savings and loan association, credit union or | | other licensed lending institution as collateral for a loan; | | or |
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| | | D.__The exercise of accelerated benefits pursuant to the | | terms of the Maine Insurance Code and of the life insurance | | policy. |
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| | | Sec. 5. 32 MRSA §10502, sub-§2, ¶Q, as amended by PL 1989, c. 542, §42, | | is further amended to read: |
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| | | Q. Any offer or sale of securities of a corporation organized | | under the laws of this State, if the number of holders of | | securities of the entity, exclusive of persons specified in | | section 10501, subsection 4, will in consequence of the sale | | exceed 10, but will not in consequence of the sale exceed 25 in | | number and if the securities sold in reliance on this subsection | | have not been offered to the public by general advertisement or | | general solicitation. Any person who relies on this exemption | | shall file with the administrator a notification for exemption | which shall | administrator and which shall require | | information: The name, address and telephone number of the | | issuer; the state and date of incorporation of the issuer; the | | name, address and telephone number of persons who may respond to | | inquiries about the issuer; the location at which the books and | records of the issuer shall bewill be | | are available for inspection by shareholders; a description of | | all classes of securities of the issuer, including newly | | authorized classes of securities, providing the number of | | authorized units of |
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