Sec. C-7. 13 MRSA §1756, last ¶, as enacted by PL 1993, c. 300, §1, is amended to read:

Notwithstanding any other provision of law to the contrary, the offer of membership, shares or other ownership interests in a cooperative affordable housing corporation or any other corporation or unincorporated association organized for the primary purpose of providing housing on a cooperative basis as a consumer cooperative under subchapter I 1 or otherwise is not the offer of a security pursuant to Title 32, chapter 105 135 or any other provision of law.

Sec. C-8. 14 MRSA §1522, sub-§1, ¶L, as enacted by PL 1991, c. 9, Pt. G, §2, is amended to read:

L. Title 32, section 10602 16603;

Sec. C-9. 20-A MRSA §11482, as enacted by PL 1997, c. 732, §4, is amended to read:

§11482. Exemption from registration

A participation agreement offered pursuant to this chapter is not a security as defined in Title 32, section 10501 16102, subsection 18 28. The authority may obtain written advice of legal counsel or written advice from the United States Securities and Exchange Commission, or both, that the offering of a participation agreement is not subject to federal securities laws but is in compliance with those laws and is not in violation of other applicable laws.

Sec. C-10. 24-A MRSA §1402, sub-§4, ¶D, as amended by PL 1999, c. 225, §2, is further amended to read:

D. "Consultant" does not include:

(1) An attorney licensed to practice who is actively practicing law in this State;

(2) An insurance actuary and member or associate of the Society of Actuaries or American Academy of Actuaries;