2. The courts have given a securities administrator's decision to deny or revoke an exemption substantial deference when there was compliance with applicable due process and statutory requirements. See, e.g., Johnson-Bowles Co., Inc. v. Div. of Sec., 829 P.2d 101 (Utah Ct. App. 1992).

Maine Comments

1. Section 16204(1): The model Uniform Securities Act explicitly excluded federal covered securities and transactions involving such securities from the scope of this section. Maine has removed this language as unnecessary because the Securities Administrator's authority to issue orders under this subsection is necessarily limited by preemption provisions in federal law.

SUBCHAPTER 3

REGISTRATION OF SECURITIES AND NOTICE

FILING OF FEDERAL COVERED SECURITIES

§16301.__Securities registration requirement

It is unlawful for a person to offer or sell a security in this State unless:

1.__Federal covered security.__The security is a federal covered security;

2.__Exempt from registration.__The security, transaction or offer is exempted from registration under sections 16201 to 16203; or

3.__Registered.__The security is registered under this chapter.

Official Comments

Prior Provisions: 1956 Act Section 301; RUSA Section 301.

1. This Section is substantively identical to the 1956 Act and RUSA except for the addition of Section 301(1), which is necessitated by the National Securities Markets Improvement Act of 1996. See Section 102(7).

2. Except for federal covered securities, exempt securities, or securities offered or sold in exempt transactions,