An Act to Make Technical Updates to the Maine Uniform Securities Act
Maine Legislature, Session 131, LD 2020
Committee: Health Coverage, Insurance and Financial Services
Sponsors: BAILEY
Amends: 32 MRSA §16103, 32 MRSA §16304, 32 MRSA §16402, 32 MRSA §16411

Legislative Document
No. 2020
S.P. 848
In Senate, December 13, 2023
An Act to Make Technical Updates to the Maine Uniform Securities 
Act
Submitted by the Department of Professional and Financial Regulation pursuant to Joint 
Rule 203.
Received by the Secretary of the Senate on December 11, 2023.  Referred to the Committee 
on Health Coverage, Insurance and Financial Services pursuant to Joint Rule 308.2 and ordered 
printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator BAILEY of York.
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  32 MRSA §16103, as amended by PL 2007, c. 14, §1, is further amended to 
read:
§16103.  References to federal statutes
As used in this chapter, the Securities Act of 1933, 15 United States Code, Section 77a 
et seq., Securities Exchange Act of 1934, 15 United States Code, Section 78a et seq., Public 
Utility Holding Company Act of 1935, 15 United States Code, Section 79 et seq., 
Investment Company Act of 1940, 15 United States Code, Section 80a‑1 et seq., Investment 
Advisers Act of 1940, 15 United States Code, Section 80b‑1 et seq., Employee Retirement 
Income Security Act of 1974, 29 United States Code, Section 1001 et seq., National 
Housing Act, 12 United States Code, Section 1701 et seq., Commodity Exchange Act, 7 
United States Code, Section 1 et seq., Internal Revenue Code, 26 United States Code, 
Section 1 et seq., Securities Investor Protection Act of 1970, 15 United States Code, Section 
78aaa et seq., Securities Litigation Uniform Standards Act of 1998, 112 Stat. 3227, Small 
Business Investment Act of 1958, 15 United States Code, Section 661 et seq. and, 
Electronic Signatures in Global and National Commerce Act, 15 United States Code, 
Section 7001 et seq. and Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 
et seq. mean those federal laws of those names, those statutes and the rules and regulations 
adopted under those laws and statutes, as amended, as of December 31, 2006 2023.
Sec. 2.  32 MRSA §16304, sub-§6-A, ¶D, as enacted by PL 2013, c. 452, §1, is 
amended to read:
D.  The offering meets the requirements of the federal exemption for limited offerings 
and sales of securities not exceeding $1,000,000 $10,000,000 in 17 Code of Federal 
Regulations, Section 230.504 (2013);
Sec. 3.  32 MRSA §16402, sub-§2, ¶A, as enacted by PL 2005, c. 65, Pt. A, §2, is 
amended to read:
A.  An individual who represents a broker-dealer in effecting transactions in this State 
limited to those described in Section 15(h)(2) of the federal Securities Exchange Act 
of 1934, 15 United States Code, Section 78(o)(2) 78o(h)(2);
Sec. 4.  32 MRSA §16411, sub-§6, as enacted by PL 2005, c. 65, Pt. A, §2, is 
amended to read:
6.  Requirements for custody.  Subject to Section 15(h) of the federal Securities 
Exchange Act of 1934, 15 United States Code, Section 78o(h) or Section 222 of the federal 
Investment Advisers Act of 1940, 15 United States Code, Section 80b 22 80b-18a, an agent 
may not have custody of funds or securities of a customer except under the supervision of 
a broker-dealer and an investment adviser representative may not have custody of funds or 
securities of a client except under the supervision of an investment adviser or a federal 
covered investment adviser. A rule adopted or order issued under this chapter may prohibit, 
limit or impose conditions on a broker-dealer regarding custody of funds or securities of a 
customer and on an investment adviser regarding custody of securities or funds of a client.
Sec. 5.  32 MRSA §16411, sub-§9, as enacted by PL 2005, c. 65, Pt. A, §2, is 
amended to read:
9.  Privacy provisions.  A broker-dealer licensed or required to be licensed under this 
chapter and an investment adviser licensed or required to be licensed under this chapter 
shall comply with the privacy provisions of the federal Gramm-Leach-Bliley Act, 15 
United States Code, Section 6801 et seq. (1999) and the implementing Regulation S-P, 
federal: Privacy of Consumer Financial Information and Safeguarding Personal 
Information, 17 Code of Federal Regulations, Part 248, Subpart A (2001) adopted by the 
Securities and Exchange Commission. This subsection is not intended to permit the release 
of health care information except as permitted by Title 22, section 1711‑C or Title 24‑A, 
chapter 24.
SUMMARY
This bill updates references to federal statutes in the Maine Uniform Securities Act and 
corrects errors to citations made when adopting the Uniform Securities Act of 2002.