An Act To Facilitate Uniformity Regarding Exemption from Registration of Certain Securities Offerings
Maine Legislature, Session 124, LD 1619
Committee: Insurance and Financial Services
Sponsors: PRIEST, BOWMAN, COHEN, McCORMICK, PERRY
Amends: 32 MRSA §16202, 32 MRSA §16302

Legislative Document 
No. 1619 
H.P. 1147 
House of Representatives, December 23,2009 
An Act To Facilitate Uniformity Regarding Exemption from 
Registration of Certain Securities Offerings 
Submitted by the Department of Professional and Financial Regula~ion pursuant to Joint 
Rule 204. 
Received by the Clerk of the House on December 21,2009. Referred to the Committee on 
Insurance and Financial Services pursuant to Joint Rule 308.2 and ordered printed pursuant to 
J oint Rule 401. 
Presented by Representative PRIEST of Brunswick. 
Cosponsored by Senator BOWMAN of York and 
7Y/dtwArl1i;.17/ILC~{ 
MILLICENT M. MacFARLAND 
Clerk 
Representative: COHEN of Portland, Senators: McCORMICK of Kelmebec, PERRY of 
Penobscot. 
Printed on rccydcLi p<1per 
Be it enacted by the People of the State of Maine as follows: 
Sec. 1. 32 MRSA §16202, sub..;§26, as enacted by PL 2005, c. 65, Pt. A, §2, is 
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 
,6 
77d(2) if, no later than 15 days after the first sale in this State, a notiCe on "Form D," 
including the Appendix, 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 
0 
$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 cons'ent 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 1 filing made between 16 and 30 days after the first 
sale in this State. 
' 
Sec. 2. 32 MRSA §16302, sub-§3, 'ITA, as enacted by PL 2005, c. 65, Pt. A, §2, 
is amended to read: 
' 
' 
A. 
A notice on "Form D," including the Appendb., as promulgated by the Securities 
and Exchange Commission; 
Sec. 3. 32 MRS A §16302, sub-§3, 'lfB, as enacted by PL 2005,c. 65,Pt. A, §2, is 
am,ended to read: ' 
' 
B. 
A consent to service of process compiying with Section section 16611, signed by 
the issuer" except that 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 in section 16611, subsection 1 that the consent be signed; and 
SUMMARY 
The Maine Uniform Securities Act provides exemptions from registration for certain 
1 
securities offerings, provided notice is filed with Maine's Department of Professional and 
Financial Regulation, Office of Securities on Form D as promulgated by the federal 
Securities and Exchange Commission: 
Effective March 2009, the Securities and 
, 
Exchange Commission required that Form D be filed with the Securities and Exchange 
Commission electronically. The State of Maine is not 'yet able to receive Form D filings 
electronically, and issuers are interested in filing hard copies of what is filed 
electronically with the Securities and Exchange Commission. This bill amends the Maine 
Uniform Securities Act by removing the requirement that the Appendix to Form D be 
prepared and filed with the office and by providing that execution of the consent to 
service of process in a form acceptable to the Securities and Exchange Commission is 
deemed to be in compliance with the requirements of Maine law, thereby providing an 
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0ppOItunity for issuers to file hard copies of what is filed with the Securities and 
. 2. 
Exchange Commission. 
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