An Act To Provide the Securities Administrator with the Power To Investigate Potential Violations Involving the Sale of Business Opportunities
Maine Legislature, Session 126, LD 1266
Committee: Insurance and Financial Services
Sponsors: FITZPATRICK, CUSHING, BECK
Amends: 32 MRSA §4699-A

Legislative Document 
No. 1266 
H.P. 905 
House of Representatives, March 28, 2013 
An Act To Provide the Securities Administrator with the Power To 
Investigate Potential Violations Involving the Sale of Business 
Opportunities 
Submitted by the Department of Professional and Financial Regulation pursuant to Joint 
Rule 204. 
Reference to the Committee on Insurance and Financial Services suggested and ordered 
printed. 
MILLICENT M. MacFARLAND 
Clerk 
Presented by Representative FITZPATRICK of Houlton. 
Cosponsored by Senator CUSHING of Penobscot and 
Representative: BECK of Waterville. 
Be it enacted by the People of the State of Maine as follows: 
Sec. 1.  32 MRSA §4699-A is enacted to read: 
§4699-A.  Investigatory powers of Securities Administrator 
1.  Investigations.  The Securities Administrator may conduct investigations, within 
or outside the State, as the Securities Administrator finds necessary or appropriate to:  
A.  Determine whether a person has violated, or is about to violate, a provision of this 
chapter or a rule or order of the Securities Administrator; or 
B.  Aid in enforcement of this chapter. 
2.  Publication.  The Securities Administrator may publish information concerning a 
violation of this chapter or a rule or order of the Securities Administrator. 
3.  Power of Securities Administrator.  For purposes of an investigation or 
proceeding under this chapter, the Securities Administrator or an officer designated by 
the Securities Administrator may administer oaths and affirmations, subpoena witnesses, 
compel the attendance of witnesses, take evidence and require the production of any 
books, papers, correspondence, memoranda, agreements or other documents or records 
that the Securities Administrator or officer considers relevant or material to the 
investigation or proceeding. 
4.  Court order.  If a person does not give testimony or produce the documents 
required by the Securities Administrator or an officer designated by the Securities 
Administrator pursuant to an administrative subpoena, the Securities Administrator or 
designated officer may apply for a court order compelling compliance with the subpoena 
or the giving of the required testimony.  The request for order of compliance may be 
addressed to either: 
A.  The Superior Court located in Kennebec County or the Superior Court where 
service may be obtained on a person refusing to testify or produce the documents 
required by the Securities Administrator, if the person is within the State; or  
B.  The appropriate court of the state having jurisdiction over the person refusing to 
testify or produce the documents required by the Securities Administrator, if the 
person is outside the State. 
SUMMARY 
This bill provides the Securities Administrator with the explicit authority to 
investigate potential violations involving the sale of business opportunities in this State.  
The Securities Administrator is charged with administering the law regarding the 
regulation of the sale of business opportunities.  The authority provided in this bill is 
similar to the investigative authority conferred on the Securities Administrator to 
investigate violations of the Maine Commodity Code.