Sec. 15. 24-A MRSA §6815, as enacted by PL 1997, c. 430, §1 and affected by §2, is amended to read:

§6815. Assignment or resale of policies

1. Prohibited transfers. A viatical settlement provider may not sell, assign, transfer or pledge a viaticated policy acquired pursuant to a settlement contract except to a licensed viatical settlement provider or a person exempt from licensing under section 6803 or 6813.

2. Securities registration. Any sale by a viatical settlement provider of viatical settlement contracts, viaticated policies acquired pursuant to settlement contracts or interests in a viatical settlement contract or viaticated policy therein that constitute a "security" within the meaning of the United States Securities Act of 1933, as amended, or the Revised Maine Securities Act, as amended, must be registered under those statutes unless there is an available exemption from registration under those statutes.

Sec. 16. 24-A MRSA §6816, as enacted by PL 1997, c. 430, §1 and affected by §2, is repealed.

Sec. 17. 24-A MRSA §§6817 to 6819 are enacted to read:

§6817.__Advertising of settlements

1.__Advertising for settlements. Every settlement provider licensee shall establish and at all times maintain a system of control over the content, form and method of dissemination of all advertisements of its contracts, products and services. All advertisements, regardless of by whom written, created, designed or presented, are the responsibility of the settlement provider licensee, as well as the individual who created or presented the advertisement.__A system of control must include providing regular routine notification, at least once a year, to agents and others authorized by the settlement licensee to disseminate advertisements; the notification must include the requirements and procedures for approval of any advertisements not furnished by the settlement provider licensee prior to the advertisements' use.

2.__Form and content. Advertisements must be truthful and not misleading in fact or by implication. The form and content of an advertisement of a settlement contract must be sufficiently complete and clear so as to avoid deception. It may not have the