Sec. 1. 32 MRSA §10501, sub-§1, śC, as enacted by PL 1985, c. 400, §2, is amended to read:

C. A depository institution when it is engaged in its regular course of business any one or more of the activities described in 15 United States Code, Section 78c(a)(4)(B); or

SUMMARY

This bill amends state law governing broker-dealer registration of providers of financial services to ensure conformity between state securities laws and the related provisions of the Gramm-Leach-Bliley Act, which was adopted by Congress in 1999. The bill establishes parity between financial institutions in Maine and financial institutions in other states with respect to the need to register as a broker-dealer in the sale of securities.