LD 1693
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Page 2 of 5 An Act to Clarify the Regulation of Viatical Settlement Contracts When Sold as ... Page 4 of 5
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LR 1030
Item 1
 
each class, par value per unit and the number of units of each
class as are issued and outstanding; a description of the
class of securities as shall be offered for sale, including
the number of units authorized, par value per unit, the number
of units currently outstanding, the number of units being
offered for sale, the number of units to be outstanding and
the price at which each unit is offered for sale; a
description of the rights of holders of the securities offered
pursuant to this exemption, including voting rights and if
cumulative or noncumulative liquidation rights, preemptive
rights and any other rights or limitations applicable to the
securities; the date the annual meeting of the shareholders
will be is held, the location and time of the meeting, a
description of how the shareholders will be are notified and
if an annual financial statement and report of activity will
be is available to shareholders; a brief description of how
the proceeds of the offering will be used and if whether
proceeds shall will be returned to investors if minimum
amounts are not raised by a specific date; a brief description
of the issuer's plan of business and whether the business is
currently operational; and a list of the significant risks
assumed by the investor, including management experience,
competitive and economic factors, net worth position of the
issuer and improbable or limited opportunity for release of
the securities. A copy of the notification of exemption shall
must be made available to each offeree of securities sold in
reliance on this exemption and shall must contain such legends
as the administrator shall prescribe prescribes, notifying the
offeree that the securities have not been registered with the
administrator, that they may be deemed considered restricted
securities and that the issuer is under an obligation to make
a reasonable finding that the securities are a suitable
investment for the offeree. The administrator may promulgate
adopt such rules as are considered necessary to further define
or implement this subsection consistent with the intent of
this subsection; and

 
Sec. 6. 32 MRSA §10502, sub-§2, śR, as amended by PL 1997, c. 168, §25,
is further amended to read:

 
R. Any transaction by an issuer not involving any public
offering within the meaning of the United States Securities Act
of 1933, Section 4(2) and the rules promulgated adopted under
that Act, including, but not limited to, any transaction exempt
from registration with the United States Securities and Exchange
Commission under the United States Securities and Exchange
Commission, Rule 506, or any successor rule adopted under the
United States Securities Act of 1933, and any transaction
constituting a nonpublic offering under rules adopted by the
administrator, if no later than 15 days after the first sale in
this State of a

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