Sec. 1. 24-A MRSA §601, sub-§27 is enacted to read:

27.__Viatical or life settlement provider.__Settlement provider license issuance fees and renewal fees may not exceed:

A.__Original license issuance fee $400; and

B.__Annual renewal fee $400

Sec. 2. 24-A MRSA c. 85, as amended, is further amended by repealing the chapter headnote and enacting the following in its place:

CHAPTER 85

VIATICAL AND LIFE SETTLEMENTS ACT

Sec. 3. 24-A MRSA §6801, as enacted by PL 1997, c. 430, §1 and affected by §2, is amended to read:

§6801. Short title

This chapter may be known and cited as the "Viatical and Life Settlements Act."

Sec. 4. 24-A MRSA §6802, as enacted by PL 1997, c. 430, §1 and affected by §2, is repealed.

Sec. 5. 24-A MRSA §6802-A is enacted to read:

§6802-A.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1.__Advertising.__"Advertising" means any written, electronic or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet or a similar communications medium, including film strips, motion pictures and videos, published, disseminated, circulated or placed before the public, directly or indirectly, for the purpose of creating an interest in or inducing a person to sell a life insurance policy pursuant to a viatical or life settlement contract.

2.__Business of__settlements.__"Business of settlements" means any activity involved in, but not limited to, the offering, solicitation, negotiation, procurement, effectuation,