SP0566, LD 1712, item 1, An Act To Amend and Clarify the Maine Uniform Securities Act and To Make a Technical Correction in the Law Concerning Financial Planners

An Act To Amend and Clarify the Maine Uniform Securities Act and To Make a Technical Correction in the Law Concerning Financial Planners

Be it enacted by the People of the State of Maine as follows:

PART A

Sec. A-1. 32 MRSA §16202, sub-§26, as amended by PL 2009, c. 500, §1, is further amended to read:

26. Nonpublic offerings under 4(2). A security offered in a nonpublic offering under Section 4(2) of the federal Securities Act of 1933, 15 United States Code, Section 77d(2) if, no later than 15 days after the first sale in this State, a notice on "Form D," as promulgated by the Securities and Exchange Commission, is filed with the administrator together with a consent to service of process complying with section 16611, signed by the issuer, and the payment of a nonrefundable filing fee of $300 for each type or class of security sold. If the Form D includes a consent to service of process, a separate document need not be filed for this purpose, and if the consent to service of process on the Form D is executed in a manner accepted by the Securities and Exchange Commission, it is deemed to comply with the requirement in this section and section 16611, subsection 1 that the consent be signed. An additional nonrefundable late filing fee of $500 must be paid for a filing made between 16 and 30 or more days after the first sale in this State.

Sec. A-2. 32 MRSA §16302, sub-§3, ¶C, as enacted by PL 2005, c. 65, Pt. A, §2, is amended to read:

C. The payment of a nonrefundable fee of $300 per type or class of security sold.

A notice filer making a filing between 16 and 30 or more days after the first sale in this State shall pay an additional nonrefundable late filing fee of $500.

PART B

Sec. B-1. 32 MRSA c. 99, as amended, is repealed.

SUMMARY

Part A corrects a late fee provision that is currently applied to certain securities filings that are made between 16 and 30 days after the first sale of the securities in the State. This Part applies the late fee to any applicable filing made 16 or more days after the first sale of the securities in the State.

Part B makes a technical correction by repealing a statute enacted in 1985 governing financial planners.

SP0566 LD 1712	Session - 129th Maine Legislature		LR 2364 Item 1
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