Sec. 7. 32 MRSA §10502, sub-§2, ¶S is enacted to read:

S.__Any offer or sale of a viatical settlement contract, if:

(1)__The underlying viatical settlement transaction with the viator was not in violation of the Viatical Settlements Act; and

(2)__Such disclosure documents as the administrator, by rule or order, requires are delivered to each offeree or purchaser.

Sec. 8. 32 MRSA §10502, sub-§7 is enacted to read:

7.__Rules.__Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II-A.

Sec. 9. 32 MRSA §10504, sub-§1, as enacted by PL 1997, c. 168, §28, is amended to read:

1. Filing of sales and advertising literature. The administrator, by rule or order, may require the filing of any prospectus, pamphlet, circular, form letter, advertisement or other sales literature or advertising communication addressed or intended for distribution to prospective investors, including clients or prospective clients of an investment adviser, unless the security is a federal covered security or the security or transaction qualifies for an exemption under section 10502, subsection 2, paragraphs A to R for which the filing of a notice with the administrator is not required or the security is a federal covered security.

Sec. 10. 32 MRSA §10607-A is enacted to read:

§10607-A.__Right to rescission applicable to sales of

viatical settlement contracts

1.__Right to rescind transaction.__In addition to any other rights provided for under this Act or otherwise, an investor who purchases a viatical settlement contract may rescind the investment by giving written notice of rescission to the entity designated for such notice in the disclosure documents, by ordinary mail postage prepaid, within 3 business days following the later of: