D. Type of license;

E. Effective date of license or renewal;

F. Expiration date of license; and

G. Active or inactive status.

Sec. 5. 24-A MRSA §6207, sub-§1, as enacted by PL 1987, c. 482, §1, is amended to read:

1. Copy of declaration; filing. A copy of the declaration prepared pursuant to the Maine Condominium Act, Title 33, chapter 31, along with a copy of any registration statement filed with the United States Securities and Exchange Commission or the Bureau of Banking, Office of Securities Division, shall must be filed with the superintendent prior to the sale of any of the condominium units; and

Sec. 6. 24-A MRSA §6208, 2nd ¶, as enacted by PL 1987, c. 482, §1, is amended to read:

If a registration statement for the cooperative is filed with the Bureau of Banking, Office of Securities Division, pursuant to the Revised Maine Securities Act, Title 13 32, chapter 105, a copy shall must be simultaneously filed with the superintendent and a copy shall must be given to every purchaser of a membership interest or share in the cooperative at least 10 days prior to the sale of the interest or share. Any information required to be filed with the superintendent pursuant to this chapter and contained in the referenced registration materials may be filed in that format with the superintendent and need not be submitted under separate cover. If a registration statement is not filed with the Office of Securities Division, a disclosure statement containing, to the extent applicable, all the information required to register a security by qualification, pursuant to Title 32, section 10404, shall must be filed with the superintendent and given to every subscriber at least 10 days prior to the sale. In the alternative, a provider may elect to provide each subscriber a disclosure statement containing those provisions stated in section 6209 determined to be required by the superintendent.

Sec. 7. 32 MRSA c. 105, sub-c. I is amended by repealing the subchapter headnote and enacting the following in its place:

SUBCHAPTER I

OFFICE OF SECURITIES AND SECURITIES ADMINISTRATOR

Sec. 8. 32 MRSA §§10102 and 10103 are enacted to read:

§10102.__Office of Securities

There is created within the Department of Professional and Financial Regulation the Office of Securities, referred to in this subchapter as the "office,"__which is responsible for the administration and enforcement of the Revised Maine Securities Act; the Maine Commodity Code; and the law regulating the sale of business opportunities.

§10103.__Administrator and other personnel

1.__Appointment; term; qualifications.__The activities of the office are directed by the Securities Administrator, who is appointed by the Commissioner of Professional and Financial Regulation.__The administrator is appointed for a term that is coterminous with the term of the Governor, or until a successor is appointed and qualified.__Any vacancy occurring must be filled by appointment for the unexpired portion of the term.__The administrator may be removed from office for cause by the commissioner, and Title 5, section 931, subsection 2 does not apply.__A person appointed as administrator must have knowledge of, or experience in, the theory and practice of securities.

2.__Organization.__With the approval of the commissioner, the administrator shall organize the office in such a manner as the administrator considers necessary to carry out the administrator's responsibilities.

3. Employees.__The administrator may employ personnel as the business of the office may require, subject to the commissioner's approval and in accordance with the Civil Service Law.__The qualifications of the personnel must reflect the needs and responsibilities of the office's regulatory functions.__The administrator may authorize senior personnel of the office to carry out the administrator's duties and authority.

The administrator may employ or engage such expert, professional or other assistance as may be necessary to assist the office in carrying out its functions.

In addition to salaries or wages, all employees of the office must receive their actual expenses incurred in the performance of their official duties.

4. Training of office personnel.__At the expense of the office, the administrator may train the office's employees, or have them trained, in a manner the administrator determines desirable, to carry out the purposes of the office.

Sec. 9. 32 MRSA §10702, sub-§3, as enacted by PL 1999, c. 184, §23, is amended to read:

3. Contracts with other agencies. The administrator may employ and engage experts, professionals and other personnel of other state and federal regulatory agencies as necessary to assist the Office of Securities Division in carrying out its regulatory functions. The administrator may contract office staff to other state and federal agencies to assist those agencies in carrying out their regulatory functions.__Contracts for services under this subsection are designated sole source contracts and are not subject to the procurement requirements of Title 5, chapter 155.

Sec. 10. 32 MRSA §10708, sub-§8, as enacted by PL 1989, c. 542, §65, is repealed.

Sec. 11. 32 MRSA §11210 is enacted to read:

§11210.__Short title

This chapter is known and may be cited as the "Maine Commodity Code."

Sec. 12. 33 MRSA §1604-106, as enacted by PL 1981, c. 699, is amended to read:

§1604-106. Public offering statement; condominium securities

If an interest in a condominium is currently registered with the Securities and Exchange Commission of the United States or the Office of Securities Division of the Bureau of Banking of this State, a declarant satisfies all requirements relating to the preparation of a public offering statement of this Act if he the declarant delivers to the purchaser a copy of the public offering statement filed with the Securities and Exchange Commission or the Office of Securities Division. When a condominium is located in a state other than Maine, under the laws of which a public offering statement is required in detail similar to the requirements of this Act, a declarant satisfies all requirements relating to the preparation of a public offering statement if he the declarant delivers to the purchaser a copy of such that public offering statement.

Sec. 13. Transition. The following provisions apply to the reassignment of the duties and responsibilities of the Department

of Professional and Financial Regulation, Bureau of Banking, Securities Division to the Office of Securities.

1. The Office of Securities is the successor in every way to the powers, duties and functions transferred under this Act and formerly held by the Securities Division.

2. All rules, regulations and procedures of the Securities Division in effect upon the effective date of the Act remain in effect until rescinded, revised or amended.

3. All contracts, agreements and compacts of the Securities Division in effect upon the effective date of this Act remain in effect until they expire or are altered by the parties involved in the contracts, agreements or compacts.

4. Any positions authorized and allocated, subject to the personnel laws, to the Securities Division are transferred to the Office of Securities and may continue to be authorized.

5. All records, property and equipment previously belonging to or allocated for the use of the Securities Division become, on the effective date of this Act, the property of the Office of Securities.

Sec. 14. Maine Revised Statutes amended; revision clause. Wherever in the Maine Revised Statutes the words "Securities Division" appear or reference is made to those words or that division, they are amended to read and mean "Office of Securities" or that office, and the Revisor of Statutes shall implement this revision when updating, publishing or republishing the statutes.

SUMMARY

This bill moves the Securities Division from the Bureau of Banking to a separate office within the Department of Professional and Financial Regulation to be known as the "Office of Securities." The Securities Administrator is appointed by the Commissioner of Professional and Financial Regulation, for a term coterminous with the Governor's, and may be removed for cause. The administrator is given compensation commensurate with other agency heads within the Department of Professional and Financial Regulation and is given like authority to appoint and train personnel, cooperate and contract with other agencies and organize the Office of Securities. The administrator may also delegate the administrator's duties and authorities to senior office personnel. The substantive regulatory authority of the agency and the administrator remain unchanged.