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cooperative at least 10 days prior to the sale of the interest or | | share. Any information required to be filed with the superintendent | | pursuant to this chapter and contained in the referenced | | registration materials may be filed in that format with the | | superintendent and need not be submitted under separate cover. If a | | registration statement is not filed with the Office of Securities, | | a disclosure statement containing, to the extent applicable, all | | the information required to register a security by qualification, | pursuant to Title 32, section 10404 | | superintendent and given to every subscriber at least 10 days prior | | to the sale. In the alternative, a provider may elect to provide | | each subscriber a disclosure statement containing those provisions | | stated in section 6209 determined to be required by the | | superintendent. |
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| | | Sec. C-14. 24-A MRSA §6815, sub-§2, as amended by PL 2003, c. 636, | | §15, is further amended to read: |
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| | | 2. Securities registration. Any sale by a settlement | | provider of settlement contracts, policies acquired pursuant to | | settlement contracts or interests therein that constitute a | | "security" within the meaning of the United States Securities Act | of 1933, as amended, or the Revised | | as amended, must be registered under those statutes unless there | | is an available exemption from registration under those statutes. |
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| | | Sec. C-15. 24-A MRSA §6815-A, as enacted by PL 2003, c. 636, §16, is | | amended to read: |
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| | | §6815-A. Regulatory requirements under Maine Uniform |
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| | | This chapter does not preempt the regulatory requirements set | forth in the Revised | | 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. |
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| | | Sec. C-16. 32 MRSA §1401, sub-§1, ¶B, as enacted by PL 1999, c. 258, §2 | | and affected by §3, is amended to read: |
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| | | B. The payee shall deposit the money in either a federally | | insured deposit or share account or a trust account; the | | type of account must be disclosed to the payor or the | | payor's representative and a deposit in a trust account may | | be invested in or used to purchase only the following: |
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| | | (1) Federally insured deposit or share accounts; |
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