Sec. 15. 32 MRSA §10311, sub-§2, as enacted by PL 1985, c. 400, §2, is amended to read:

2. Sales representatives; investment adviser representatives. Licensing of the sales representatives of the broker-dealer or investment adviser representatives of the investment adviser filing the application under subsection 1 shall continue continues upon licensing of the successor and no separate filing or fee shall be is required for the their continued licensing of the sales representatives.

Sec. 16. 32 MRSA §10313, sub-§7 is enacted to read:

7.__Abandonment of license application.__A pending license application may be considered abandoned if the administrator has not received a response to inquiries or deficiency notices for a period of at least 120 days.__The administrator shall send an abandonment notice to the last known address of the applicant.__The applicant must respond to the abandonment notice within 30 days to avoid an abandonment determination.__ The abandonment of an application does not preclude the filing of a subsequent application for licensure.

Sec. 17. 32 MRSA §10405, sub-§2, as amended by PL 1993, c. 410, Pt. K, §5, is further amended to read:

2. Fees. A person filing a registration statement must pay a filing fee of $500 for each security offered, except that for a registration statement filed under section 10404 for an offering for which the total amount raised in state and out of state does not exceed $1,000,000, the filing fee is $300 for each security offered. When a registration statement is withdrawn before the effective date or abandoned pursuant to section 10406, subsection 5 or a preeffective stop order is entered under section 10406, the administrator retains the fee.

Sec. 18. 32 MRSA §10406, sub-§5 is enacted to read:

5.__Abandonment of filing.__A registration statement that is pending effectiveness may be considered abandoned if the administrator has not received a response to inquiries or deficiency notices for a period of at least 120 days.__The administrator shall send an abandonment notice to the last known address of the filer.__The filer must respond to the abandonment notice within 30 days to avoid an abandonment determination.__The abandonment of a registration statement does not preclude the filing of a subsequent registration statement.