Source: http://www.mainelegislature.org/legis/bills/bills_125th/billtexts/SP011401.asp
Timestamp: 2018-01-17 07:21:01
Document Index: 737503494

Matched Legal Cases: ['§16412', '§3', '§7', '§16603', '§2', '§2', '§16604', '§4', '§2']

SP0114, LD 401, item 1, An Act To Enhance Penalties To Protect Senior Investors
LD 401 First Regular Session - 125th Maine Legislature
LR 1331
Sec. 1. 32 MRSA §16412, sub-§3, as amended by PL 2007, c. 14, §7, is further amended to read:
Sec. 2. 32 MRSA §16603, sub-§2, ¶B, as enacted by PL 2005, c. 65, Pt. A, §2, is amended to read:
(3) Imposing a civil fine not to exceed $10,000 per violation or an order of rescission, restitution or disgorgement directed to a person that has engaged in an act, practice or course of business constituting a violation of this chapter or the predecessor act or a rule adopted or order issued under this chapter or the predecessor act; and
(4) Ordering the payment of prejudgment and postjudgment interest; or and
(5) Doubling the amount of a civil fine, not to exceed a maximum of $20,000 per violation, and doubling the amount of a monetary remedy, other than a civil fine, without limitation for a violation involving an investor 65 years of age or older; or
Sec. 3. 32 MRSA §16604, sub-§4, as enacted by PL 2005, c. 65, Pt. A, §2, is amended to read:
4. Civil fine; final orders and remedies. In a final order under subsection 3, the administrator may: order remedies described in subsection 1; censure that person; bar that person from association with any issuer, broker-dealer or investment adviser in this State; or impose a civil fine not to exceed $5,000 per violation. For a violation involving an investor 65 years of age or older, the amount of the civil fine may be doubled to an amount not to exceed a maximum of $10,000 per violation.
This bill enacts measures that empower the Securities Administrator and the Maine courts to enhance the penalties for violations of the Maine Uniform Security Act that affect citizens 65 years of age or older.