§6815-A.__Regulatory requirements under Revised Maine Securities

Act

This chapter does not preempt the regulatory requirements set forth in the Revised Maine Securities Act, as amended, including but not limited to the regulation of securities transactions in settlement contracts or viatical settlement contracts and the licensing of any person or entity engaged in the sale of securities.

Sec. 17. 24-A MRSA §6816, as enacted by PL 1997, c. 430, §1 and affected by §2, is repealed.

Sec. 18. 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 capacity or tendency to mislead or deceive. Whether an advertisement has the capacity or tendency to mislead or deceive must be determined by the superintendent from the overall impression that the advertisement may be reasonably expected to create upon a person of average education or intelligence within the segment of the public to which it is directed.

3.__Standards for disclosure.__An advertisement must comply with standards for disclosure determined by rule by the superintendent.