CHAPTER 61
H.P. 297 - L.D. 375
An Act to Ensure Parity in the Sale of Securities by Maine Financial Institutions
Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, the United States Congress passed the Gramm-Leach-Biley Act, which includes amendments to the Securities Exchange Act that become effective May 12, 2001; and
Whereas, Maine law governing securities sales by state-chartered financial institutions will not conform with the new federal law governing federally-chartered financial institutions as of May 12, 2001; and
Whereas, state-chartered banks in Maine will be at a competitive disadvantage to federally-chartered banks without enactment of this legislation; and
Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 32 MRSA §10501, sub-§1, ¶C, as enacted by PL 1985, c. 400, §2, is amended to read:
C. A depository institution when it is engaged in its regular course of business one or more of the activities described in 15 United States Code, Section 78c(a)(4)(B) except for the activities de-scribed in 15 United States Code, Section 78c(a)(4)(B), Subsections (vii) and (xi), except that this paragraph does not exempt any broker-dealer that enters into a contractual or other written arrangement described in 15 United States Code, Section 78c(a)(4)(B), Subsection (i) with that depository institution from the licensing requirements of section 10301; or
Sec. 2. 32 MRSA §10501, sub-§1, ¶D, as amended by PL 1989, c. 542, §36, is further amended to read:
D. Any other persons the administrator may exclude, by rule or order, consistent with the public interest and protection of investors. Rules adopted pursuant to this paragraph are routine technical rules as defined in Title 5, chapter 375, subchapter II-A.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective April 12, 2001.
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