LD 509
pg. 154
Page 153 of 183 An Act To Adopt the Maine Uniform Securities Act Page 155 of 183
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LR 441
Item 1

 
1. The model Uniform Securities Act contained a provision
(section 602(e)) that Maine wholly rejected. Maine thus moved up
subsection (f) of the model act to become section 16602(5).

 
2. Maine does not concur with the implications in Official
Comment 7 as to federal limitations on the State's visitorial
powers. There is ongoing litigation and disagreement over the
scope and applicability of such limitations.

 
§16603.__Civil enforcement

 
1.__Civil action instituted by administrator.__If the
administrator believes that a person has engaged, is engaging or
is about to engage in an act, practice or course of business
constituting a violation of this chapter or a rule adopted or
order issued under this chapter or that a person has, is or is
about to engage in an act, practice or course of business that
materially aids a violation of this chapter or a rule adopted or
order issued under this chapter, the administrator may request
that the Attorney General bring an action in the Superior Court
of the county in which the person resides or has the principal
place of business or in the Superior Court of Kennebec County to
enjoin the act, practice or course of business and to enforce
compliance with this chapter or a rule adopted or order issued
under this chapter.

 
2.__Relief available.__In an action under this section and on
a proper showing, the court may:

 
A.__Issue a permanent or temporary injunction, restraining
order or declaratory judgment;

 
B.__Order other appropriate or ancillary relief, which may
include:

 
(1) An asset freeze, accounting, writ of attachment,
writ of general or specific execution and appointment
of a receiver or conservator, which may be the
administrator, for the defendant or the defendant's
assets;

 
(2) Ordering the administrator to take charge and
control of a defendant's property, including investment
accounts and accounts in a depository institution,
rents and profits, to collect debts and to acquire and
dispose of property;

 
(3) Imposing a civil fine not to exceed $10,000 per violation or
an order of rescission, restitution or


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