An Act To Enhance Penalties To Protect Senior Investors
Maine Legislature, Session 125, LD 0401
Committee: Insurance and Financial Services
Sponsors: KATZ, RECTOR, KESCHL
Amends: 32 MRSA §16412, 32 MRSA §16603, 32 MRSA §16604

Legislative Document 
No. 401 
S.P. 114 
In Senate, February 8, 2011 
An Act To Enhance Penalties To Protect Senior Investors 
Reference to the Committee on Insurance and Financial Services suggested and ordered 
printed. 
JOSEPH G. CARLETON, JR. 
Secretary of the Senate 
Presented by Senator KATZ of Kennebec. 
Cosponsored by Senator: RECTOR of Knox, Representative: KESCHL of Belgrade. 
Be it enacted by the People of the State of Maine as follows: 
Sec. 1.  32 MRSA §16412, sub-§3, as amended by PL 2007, c. 14, §7, is further 
amended to read: 
3.  Disciplinary penalties, licensees.  If the administrator finds that the order is in the 
public interest and subsection 4, paragraph A, B, C, D, E, F, H, I, J, L or M authorizes the 
action, an order under this chapter may censure, impose a bar on or impose a civil fine in 
an amount not to exceed a maximum of $5,000 per violation on a licensee.  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. 
Sec. 2.  32 MRSA §16603, sub-§2, ¶B, as enacted by PL 2005, c. 65, Pt. A, §2, is 
amended to read: 
B.  Order other appropriate or ancillary relief, which may include: 
(1) An asset freeze, accounting, writ of attachment, writ of general or specific 
execution and appointment of a receiver or conservator, which may be the 
administrator, for the defendant or the defendant's assets; 
(2) Ordering the administrator to take charge and control of a defendant's 
property, including investment accounts and accounts in a depository institution, 
rents and profits, to collect debts and to acquire and dispose of property; 
(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. 
SUMMARY 
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.