reglab/housing_qa huggingface dataset:
32 ME Rev Stat § 16407 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 4: BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES AND FEDERAL COVERED INVESTMENT ADVISERS|32 §16407. Succession and change in licensing of broker-dealer or investment adviser

 §16407. Succession and change in licensing of broker-dealer or investment adviser 1.  Succession.  A broker-dealer or investment adviser may succeed to the current license of another broker-dealer or investment adviser or a notice filing of a federal covered investment adviser, and a federal covered investment adviser may succeed to the current license of an investment adviser or notice filing of another federal covered investment adviser, by filing as a successor an application for licensing pursuant to section 16401 or 16403 or a notice pursuant to section 16405 for the unexpired portion of the current license or notice filing.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 2.  Organizational change.  A broker-dealer or investment adviser that changes its form of organization or state of incorporation or organization may continue its license by filing an amendment to its license if the change does not involve a material change in its financial condition or management. The amendment becomes effective when filed or on a date designated by the licensee in its filing. The new organization is a successor to the original licensee for the purposes of this chapter. If there is a material change in financial condition or management, the broker-dealer or investment adviser shall file a new application for licensing. A predecessor licensed under this chapter shall stop conducting its securities business other than winding down transactions and shall file for withdrawal of broker-dealer or investment adviser licensing within 45 days after filing its amendment to effect succession.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 3.  Name change.  A broker-dealer or investment adviser that changes its name may continue its license by filing an amendment to its license. The amendment becomes effective when filed or on a date designated by the licensee.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 4.  Change of ownership or control.  A change of ownership or control of a broker-dealer or investment adviser may require the filing of a new application pursuant to a rule adopted or order issued under this chapter. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.   [PL 2005, c. 65, Pt. A, §2 (NEW).] SECTION HISTORY PL 2005, c. 65, §A2 (NEW).
32 ME Rev Stat § 16409 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 4: BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES AND FEDERAL COVERED INVESTMENT ADVISERS|32 §16409. Withdrawal or nonrenewal of licensing of broker-dealer, agent, investment adviser and investment adviser representative

 §16409. Withdrawal or nonrenewal of licensing of broker-dealer, agent, investment adviser and investment adviser representative Withdrawal of licensing by a broker-dealer, agent, investment adviser or investment adviser representative becomes effective 60 days after the filing of the application to withdraw or within any shorter period authorized by the administrator, unless a revocation or suspension proceeding is pending when the application is filed. If a proceeding is pending, the administrator shall make a determination with respect to the withdrawal application as part of the proceeding. The administrator may institute a revocation or suspension proceeding under section 16412 within one year after the withdrawal became effective automatically or within one year of a license's becoming ineffective due to nonrenewal under section 16406 and issue a revocation or suspension order as of the last date on which licensing was effective.   [PL 2013, c. 39, §1 (AMD).]SECTION HISTORY PL 2005, c. 65, §A2 (NEW). PL 2013, c. 39, §1 (AMD).
32 ME Rev Stat § 16501 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 5: FRAUD AND LIABILITIES|32 §16501. General fraud

 §16501. General fraud It is unlawful for a person, in connection with the offer, sale or purchase of a security, directly or indirectly:   [PL 2005, c. 65, Pt. A, §2 (NEW).]1.  Device, scheme, artifice.  To employ a device, scheme or artifice to defraud;   [PL 2005, c. 65, Pt. A, §2 (NEW).] 2.  Untrue statement of or omission of material fact.  To make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or   [PL 2005, c. 65, Pt. A, §2 (NEW).] 3.  Fraud, deceit.  To engage in an act, practice or course of business that operates or would operate as a fraud or deceit upon another person.   [PL 2005, c. 65, Pt. A, §2 (NEW).] SECTION HISTORY PL 2005, c. 65, §A2 (NEW).
32 ME Rev Stat § 16502 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 5: FRAUD AND LIABILITIES|32 §16502. Prohibited conduct in providing investment advice

 §16502. Prohibited conduct in providing investment advice 1.  Fraud in providing investment advice.  It is unlawful for a person that advises others for compensation, either directly or indirectly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing or selling securities or that, for compensation and as part of a regular business, issues or promulgates analyses or reports relating to securities:   A. To employ a device, scheme or artifice to defraud another person; or   [PL 2005, c. 65, Pt. A, §2 (NEW).]B. To engage in an act, practice or course of business that operates or would operate as a fraud or deceit upon another person.   [PL 2005, c. 65, Pt. A, §2 (NEW).][PL 2005, c. 65, Pt. A, §2 (NEW).] 2.  Rules defining fraud.  A rule adopted under this chapter may define an act, practice or course of business of a person described in subsection 1 as fraudulent, deceptive or manipulative and prescribe means reasonably designed to prevent investment advisers and investment adviser representatives from engaging in acts, practices and courses of business defined as fraudulent, deceptive or manipulative.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 3.  Rules specifying contents of advisory contract.  A rule adopted under this chapter may specify the contents of an investment advisory contract entered into, extended or renewed by an investment adviser.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 4.  Rulemaking.  Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.   [PL 2005, c. 65, Pt. A, §2 (NEW).] SECTION HISTORY PL 2005, c. 65, §A2 (NEW).
32 ME Rev Stat § 16503 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 5: FRAUD AND LIABILITIES|32 §16503. Evidentiary burden

 §16503. Evidentiary burden 1.  Civil.  In a civil action or administrative proceeding under this chapter, a person claiming an exemption, exception, preemption or exclusion has the burden to prove the applicability of the exemption, exception, preemption or exclusion.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 2.  Criminal.  In a criminal proceeding under this chapter, a person claiming an exemption, exception, preemption or exclusion has the burden to prove by a preponderance of the evidence any such affirmative defense.   [PL 2005, c. 65, Pt. A, §2 (NEW).] SECTION HISTORY PL 2005, c. 65, §A2 (NEW).
32 ME Rev Stat § 16504 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 5: FRAUD AND LIABILITIES|32 §16504. Filing of sales and advertising literature

 §16504. Filing of sales and advertising literature 1.  Filing requirement.  A rule adopted or order issued under this chapter may require the filing of a prospectus, a pamphlet, a circular, a form letter, an advertisement, sales literature, some other advertising record relating to a security or investment advice or a business plan addressed or intended for distribution to prospective investors, including clients or prospective clients of a person licensed or required to be licensed as an investment adviser under this chapter. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 2.  Excluded communications.  This section does not apply to sales and advertising literature specified in subsection 1 that relates to a federal covered security, a federal covered investment adviser or a security or transaction exempted by section 16201, 16202 or 16203 except as required pursuant to section 16201, subsection 7 and section 16202, subsections 15 and 24.   [PL 2005, c. 65, Pt. A, §2 (NEW).] SECTION HISTORY PL 2005, c. 65, §A2 (NEW).
32 ME Rev Stat § 16505 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 5: FRAUD AND LIABILITIES|32 §16505. Misleading filings

 §16505. Misleading filings It is unlawful for a person to make or cause to be made in a record that is used in an action or proceeding or filed under this chapter a statement that, at the time and in the light of the circumstances under which it is made, is false or misleading in a material respect or, in connection with the statement, to omit to state a material fact necessary to make the statement made, in the light of the circumstances under which it was made, not false or misleading.   [PL 2005, c. 65, Pt. A, §2 (NEW).]SECTION HISTORY PL 2005, c. 65, §A2 (NEW).
32 ME Rev Stat § 16506 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 5: FRAUD AND LIABILITIES|32 §16506. Misrepresentations concerning licensing, registration or exemption

 §16506. Misrepresentations concerning licensing, registration or exemption The filing of an application for licensing, registration, a registration statement, a notice filing under this chapter, the licensing of a person, the notice filing by a person or the registration of a security under this chapter does not constitute a finding by the administrator that a record filed under this chapter is true, complete and not misleading. The filing, licensing or registration or the availability of an exemption, exception, preemption or exclusion for a security or a transaction does not mean that the administrator has passed upon the merits or qualifications of, or recommended or given approval to, a person, security or transaction. It is unlawful to make or cause to be made to a purchaser, customer, client or prospective customer or client a representation inconsistent with this section.   [PL 2005, c. 65, Pt. A, §2 (NEW).]SECTION HISTORY PL 2005, c. 65, §A2 (NEW).
32 ME Rev Stat § 16507 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 5: FRAUD AND LIABILITIES|32 §16507. Qualified immunity

 §16507. Qualified immunity A broker-dealer, agent, investment adviser, federal covered investment adviser or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered investment adviser or investment adviser representative for defamation relating to a statement that is contained in a record required by the administrator or designee of the administrator, the Securities and Exchange Commission or a self-regulatory organization, unless the person knew, or should have known at the time that the statement was made, that it was false in a material respect or the person acted in reckless disregard of the statement's truth or falsity.   [PL 2005, c. 65, Pt. A, §2 (NEW).]SECTION HISTORY PL 2005, c. 65, §A2 (NEW).
32 ME Rev Stat § 16508 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 5: FRAUD AND LIABILITIES|32 §16508. Criminal penalties

 §16508. Criminal penalties 1.  Criminal penalties.  A person that intentionally or knowingly violates this chapter, or a rule adopted or order issued under this chapter, except section 16504 or the notice filing requirements of section 16302 or 16405, or that intentionally or knowingly violates section 16505 knowing the statement made to be false or misleading in a material respect, upon conviction, commits a Class C crime. In any prosecution under this section, the State need not prove that the defendant knew that any instrument involved was a security, that any instrument was required to be registered under section 16301 or that any license was required under sections 16401 to 16404. An individual convicted of violating a rule or order under this chapter may be fined, but may not be imprisoned, if the individual did not have knowledge of the rule or order.   [PL 2013, c. 39, §2 (AMD).] 2.  Referral to Attorney General.  The administrator may refer such evidence as is available concerning violations of this chapter or any rule or order issued under this chapter to the Attorney General, who may, with or without such a reference from the administrator, institute the appropriate criminal proceedings under this chapter. The Attorney General may request assistance from the administrator or employees of the administrator.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 3.  No limitation on other criminal enforcement.  This chapter does not limit the power of this State to punish a person for conduct that constitutes a crime under other laws of this State.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 4.  Venue.  When a person pursuant to one scheme or course of conduct, whether upon the same person or several persons, engages in fraudulent or other prohibited practices, engages in unlawful transactions of business or other unlawful conduct or engages in unlawful offers to sell or purchase or unlawful sales or purchases under this chapter, the State may opt for a single Class C count, and, in that circumstance, prosecution may be brought in any venue in which one or more of the unlawful acts were committed.   [PL 2005, c. 65, Pt. A, §2 (NEW).] SECTION HISTORY PL 2005, c. 65, §A2 (NEW). PL 2013, c. 39, §2 (AMD).
32 ME Rev Stat § 16511 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 5: FRAUD AND LIABILITIES|32 §16511. Right to rescission applicable to sales of viatical or life settlement contracts

 §16511. Right to rescission applicable to sales of viatical or life settlement contracts 1.  Right to rescind transaction.  In addition to any other rights provided for under this chapter or otherwise, an investor, other than an institutional investor, who purchases a viatical or life settlement contract may rescind the investment by giving written notice of rescission to the entity designated for such notice in the disclosure documents, by ordinary mail postage prepaid, within 30 business days following the later of:   A. The day on which the investor received the final disclosure document pertaining to the transaction as required under this chapter and the rules or orders under this chapter; and   [PL 2005, c. 65, Pt. A, §2 (NEW).]B. The day on which the investor paid the required consideration for the purchase of the viatical or life settlement contract.   [PL 2005, c. 65, Pt. A, §2 (NEW).][PL 2005, c. 65, Pt. A, §2 (NEW).] 2.  Form of notice.  The notice is sufficient if addressed to the entity designated for such notice at the address given in the disclosure statement pertaining to the transaction. Notice of rescission is effective upon deposit in the United States mail. The notice of rescission need not take a particular form and is sufficient if it expresses the intention of the purchaser to rescind the transaction.   [PL 2005, c. 65, Pt. A, §2 (NEW).] SECTION HISTORY PL 2005, c. 65, §A2 (NEW).
32 ME Rev Stat § 16606 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 6: ADMINISTRATION AND JUDICIAL REVIEW|32 §16606. Administrative files and opinions

 §16606. Administrative files and opinions 1.  Public register of filings.  Subject to state record-keeping requirements, the administrator shall maintain, or designate a person to maintain, records or a register of: applications for registration of securities; registration statements; notice filings; applications for registration of broker-dealers, agents, investment advisers and investment adviser representatives; notice filings by federal covered investment advisers that are or have been effective under this chapter or the predecessor act; notices of claims of exemption from registration or notice filing requirements contained in a record; orders issued under this chapter or the predecessor act; and interpretative opinions or no action determinations issued under this chapter. Records may be maintained in computer or microform format or any other form of data storage, as long as the records are readily accessible.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 2.  Public availability.  The administrator shall make all rules, forms, interpretative opinions, advisory rulings, consent agreements and orders available to the public.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 3.  Copies of public records.  The administrator shall furnish a copy of a record that is a public record or a certification that the public record does not exist to a person that so requests. A rule adopted or order issued under this chapter may establish a reasonable charge for furnishing the record, not to exceed $.50 per page; for providing a licensee register in an electronically readable format, not to exceed $20 per copy; or for certification, not to exceed $10 per certified record. A copy of the record certified or a certificate by the administrator of a record's nonexistence is prima facie evidence of a record or its nonexistence. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.   [PL 2007, c. 14, §13 (AMD).] SECTION HISTORY PL 2005, c. 65, §A2 (NEW). PL 2007, c. 14, §13 (AMD).
32 ME Rev Stat § 16609 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 6: ADMINISTRATION AND JUDICIAL REVIEW|32 §16609. Judicial review

 §16609. Judicial review 1.  Judicial review of orders.  Notwithstanding Title 10, section 8003, subsection 5, any person aggrieved by a final order of the administrator may obtain judicial review of the order in the Superior Court of Kennebec County by filing a petition in accordance with Title 5, section 11001 and the Maine Rules of Civil Procedure, Rule 80C.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 2.  Judicial review of rules.  A rule adopted under this chapter is subject to judicial review in accordance with the Maine Administrative Procedure Act.   [PL 2005, c. 65, Pt. A, §2 (NEW).] SECTION HISTORY PL 2005, c. 65, §A2 (NEW).
32 ME Rev Stat § 16612 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 6: ADMINISTRATION AND JUDICIAL REVIEW|32 §16612. Liability of control persons

 §16612. Liability of control persons In an administrative action brought by the administrator, or a civil action brought by the Attorney General for a violation of any provision of this chapter or any rule or order adopted or issued by the administrator pursuant to this chapter, every person who directly or indirectly controls another person liable for the violation, every partner, officer or director of that other person, every person occupying a similar status or performing similar functions, every employee of that other person who materially aids in the act or transaction constituting the violation and every broker-dealer, agent, investment adviser or investment adviser representative who materially aids in the act or transaction constituting the violation is liable to the same extent as that other person, unless the person otherwise secondarily liable under this chapter proves that the person did not know, and in the exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist. Any of the remedies authorized by section 16603, subsection 2 may be granted with respect to a person secondarily liable under this section. This section is not intended to abrogate any right to contribution that may exist at common law with respect to an award of restitution.   [PL 2005, c. 65, Pt. A, §2 (NEW).]SECTION HISTORY PL 2005, c. 65, §A2 (NEW).
32 ME Rev Stat § 16613 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 6: ADMINISTRATION AND JUDICIAL REVIEW|32 §16613. Administrative determination of abandonment

 §16613. Administrative determination of abandonment A pending license application, registration statement, exemption filing or notice filing may be considered abandoned if the administrator has not received a response to inquiries or deficiency notices for a period of at least 120 days. The administrator shall send an abandonment notice to the last known address of the applicant or filer. The applicant or filer must respond to the abandonment notice within 30 days to avoid an abandonment determination. The abandonment of an application does not preclude the filing of a subsequent application for licensing, registration statement, exemption filing or notice filing.   [PL 2005, c. 65, Pt. A, §2 (NEW).]SECTION HISTORY PL 2005, c. 65, §A2 (NEW).
32 ME Rev Stat § 16701 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 7: TRANSITION|32 §16701. Effective date

 §16701. Effective date This chapter takes effect December 31, 2005.   [PL 2005, c. 65, Pt. A, §2 (NEW).]SECTION HISTORY PL 2005, c. 65, §A2 (NEW).
32 ME Rev Stat § 16702 (2021)
2021 Maine Revised Statutes|TITLE 32: PROFESSIONS AND OCCUPATIONS|Chapter 135: MAINE UNIFORM SECURITIES ACT|Subchapter 7: TRANSITION|32 §16702. Application

 §16702. Application The application of this chapter to existing proceedings and existing rights and duties is described in this section.   [PL 2005, c. 65, Pt. A, §2 (NEW).]1.  Applicability of predecessor act to pending proceedings and existing rights.  The predecessor act exclusively governs all actions or proceedings that are pending on the effective date of this chapter or may be instituted on the basis of conduct occurring before the effective date of this chapter, but a civil action may not be maintained to enforce any liability under the predecessor act unless instituted within any period of limitation that applied when the cause of action accrued or within 5 years after the effective date of this chapter, whichever is earlier.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 2.  Continued effectiveness under predecessor act.  All effective licenses and registrations under any predecessor act, all administrative orders relating to the registrations, rules, statements of policy, interpretative opinions, declaratory rulings, no action determinations and conditions imposed on the licenses and registrations under any predecessor act remain in effect while they would have remained in effect if this chapter had not been enacted. They are considered to have been filed, issued or imposed under this chapter, but are exclusively governed by that predecessor act.   [PL 2005, c. 65, Pt. A, §2 (NEW).] 3.  Applicability of predecessor act to offers or sales.  The predecessor act exclusively applies to an offer or sale made within one year after the effective date of this chapter pursuant to an offering made in good faith before the effective date of this chapter on the basis of an exemption available under the predecessor act.   [PL 2005, c. 65, Pt. A, §2 (NEW).] SECTION HISTORY PL 2005, c. 65, §A2 (NEW).