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USA Statutes : maine
Title : Title 32. PROFESSIONS AND OCCUPATIONS
Chapter : Chapter 111-A. MAINE COMMODITY CODE (HEADING. PL 1987, c. 402, Pt. A, @174 (rpr))
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Title 32 - §11201. Definitions
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 1: GENERAL PROVISIONS
§11201. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
[1985, c. 643 (new).]
1. Board of trade. "Board of trade" means any person or group of persons engaged in buying or selling any commodity or receiving any commodity
for sale on consignment, whether that person or group of persons is characterized as a board of trade, exchange or other form
of marketplace.
[1985, c. 643 (new).]
1-A. Administrator. "Administrator" means the Securities Administrator.
[1989, c. 542, §68 (new).]
2. Commodity. "Commodity" means, except as otherwise specified by the administrator by rule or order, any agricultural, grain or livestock
products or by-products, any metals or minerals, including a precious metal set forth in subsection 12, any gem or gemstone,
whether characterized as precious, semiprecious or otherwise, any fuel, whether liquid, gaseous or otherwise, any foreign
currency and all other goods, articles, products or items of any kind provided that the term commodity shall not include:
A. A numismatic coin whose fair market value is at least 15% higher than the value of the metal it contains;
[1985, c. 643 (new).]
B. Real property or any timber, agricultural or livestock product grown or raised on real property and offered or sold by the
owner or lessee of the real property; or
[1985, c. 643 (new).]
C. Any work of art offered or sold by art dealers at public auction or offered or sold through a private sale by the owner.
[1985, c. 643 (new).]
[1989, c. 542, §69 (amd).]
3. Commodity contract. "Commodity contract" means any account, agreement or contract for the purchase or sale, primarily for speculation or investment
purposes and not for use or consumption by the offeree or purchaser, of one or more commodities, whether for immediate or
subsequent delivery or whether delivery is intended by the parties, and whether characterized as a cash contract, deferred
shipment or deferred delivery contract, forward contract, futures contract, installment or margin contract, leverage contract
or otherwise. Any commodity contract offered or sold shall, in the absence of evidence to the contrary, be presumed to be
offered or sold for speculation or investment purposes. A commodity contract shall not include any contract or agreement
which requires, and under which the purchaser receives, within 28 calendar days from the payment in good funds of any portion
of the purchase price, physical delivery of the total amount of each commodity to be purchased under the contract or agreement.
[1985, c. 643 (new).]
4. Commodity Exchange Act. "Commodity Exchange Act" means the Act of Congress known as the "Commodity Exchange Act," as amended to the effective date
of this chapter, codified at the United States Code, Title 7, Section 1, et seq., and all subsequent amendments, additions
or other revisions to that Act, unless the administrator, within 10 days following the effective date of the amendment, addition
or revision, disallows its application to this chapter or to any provision of this chapter by rule, regulation or order.
[1989, c. 542, §69 (amd).]
5. Commodity Futures Trading Commission. "Commodity Futures Trading Commission" means the independent regulatory agency established by Congress to administer the
Commodity Exchange Act.
[1985, c. 643 (new).]
6. Commodity Futures Trading Commission Rule. "Commodity Futures Trading Commission Rule" means any rule or order of the Commodity Futures Trading Commission in effect
on the effective date of this chapter, and all subsequent amendments, additions or other revisions to any rule or order, unless
the administrator, within 10 days following the effective date of any such amendment, addition or revision, disallows the
application of any such amendment, addition or revision to this chapter or to any provision by rule or order.
[1989, c. 542, §69 (amd).]
7. Commodity merchant. "Commodity merchant" means any of the following, as defined or described in the Commodity Exchange Act or by Commodity Futures
Trading Commission Rule:
A. Futures commission merchant;
[1985, c. 643 (new).]
B. Commodity pool operator;
[1985, c. 643 (new).]
C. Commodity trading advisor;
[1985, c. 643 (new).]
D. Introducing broker;
[1985, c. 643 (new).]
E. Leverage transaction merchant;
[1985, c. 643 (new).]
F. An associated person of any of the persons set out in paragraphs A to E;
[1985, c. 643 (new).]
G. Floor broker; and
[1985, c. 643 (new).]
H. Any other person, other than a futures association, required to register with the Commodity Futures Trading Commission.
[1985, c. 643 (new).]
[1985, c. 643 (new).]
8. Commodity option. "Commodity option" means any account, agreement or contract giving a party to the account, agreement or contract the right,
but not the obligation, to purchase or sell one or more commodities or one or more commodity contracts, or both, whether characterized
as an option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty or otherwise, but shall not
include an option traded on a national securities exchange registered with the United States Securities and Exchange Commission.
[1985, c. 643 (new).]
9. Financial institution. "Financial institution" means a bank, savings institution or trust company organized under, or supervised pursuant to, the
laws of the United States or of any state.
[1985, c. 643 (new).]
10. Offer or offer to sell. "Offer" or "offer to sell" includes every offer to sell, offer to purchase or offer to enter into a commodity contract or
commodity option.
[1985, c. 643 (new).]
11. Person. "Person" means an individual, a corporation, a partnership, an association, a joint-stock company, a trust where the interests
of the beneficiaries are evidenced by a security, an unincorporated organization, a government or a political subdivision
of a government, but does not include, a contract market designated by the Commodity Futures Trading Commission or any clearinghouse
of the Commodity Futures Trading Commission or a national securities exchange registered with the United States Securities
and Exchange Commission, or any employee, officer or director of such contract market, clearinghouse or exchange acting solely
in that capacity.
[1985, c. 643 (new).]
12. Precious metal. "Precious metal" means the following in either coin, bullion or other form:
A. Silver;
[1985, c. 643 (new).]
B. Gold;
[1985, c. 643 (new).]
C. Platinum;
[1985, c. 643 (new).]
D. Palladium;
[1985, c. 643 (new).]
E. Copper; and
[1985, c. 643 (new).]
F. Such other items as the administrator may specify by rule or order.
[1989, c. 542, §70 (amd).]
[1989, c. 542, §70 (amd).]
13. Sale or sell. "Sale" or "sell" includes every sale, contract of sale, contract to sell or disposition, for value.
[1985, c. 643 (new).]
14. Superintendent.
[1989, c. 542, §71 (rp).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11202. Unlawful commodity transactions
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 1: GENERAL PROVISIONS
§11202. Unlawful commodity transactions
Except as otherwise provided in section 11203 or 11204, no person may sell, purchase or offer to sell or purchase any commodity
under any commodity contract or any commodity option or offer to enter into or enter into as seller or purchaser any commodity
contract or commodity option.
[1985, c. 643 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11203. Exempt person transactions
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 1: GENERAL PROVISIONS
§11203. Exempt person transactions
The prohibition in section 11202 does not apply to any transaction offered by and in which any of the following persons, or
any employee, officer or director acting solely in that capacity, is the purchaser or seller:
[1985, c. 643 (new).]
1. Futures commission merchant or leverage transaction merchant. A person registered with the Commodity Futures Trading Commission as a futures commission merchant or as a leverage transaction
merchant whose activities require such registration;
[1985, c. 643 (new).]
2. United States Securities and Exchange Commission registered broker-dealer. A person registered with the United States Securities and Exchange Commission as a broker-dealer whose activities require
such registration;
[1985, c. 643 (new).]
3. Affiliated persons. A person affiliated with, and whose obligations and liabilities under the transaction are guaranteed by, a person referred
to in subsection 1 or 2;
[1985, c. 643 (new).]
4. Member of contract market. A person who is a member of a contract market designated by the Commodity Futures Trading Commission or any clearinghouse
of the Commodity Futures Trading Commission;
[1985, c. 643 (new).]
5. Financial institution. A financial institution; or
[1985, c. 643 (new).]
6. State-registered broker-dealer. A person registered under the laws of this State as a securities broker-dealer whose activities require such registration.
[1985, c. 643 (new).]
div>
The exemptions provided by this section do not apply to any transaction or activity which is prohibited by the Commodity Exchange
Act or Commodity Futures Trading Commission Rule.
[1985, c. 643 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11204. Exempt transactions
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 1: GENERAL PROVISIONS
§11204. Exempt transactions
1. Exempt transactions. The prohibitions in section 11202 do not apply to the following:
A. An account, agreement or transaction within the exclusive jurisdiction of the Commodity Futures Trading Commission as granted
under the Commodity Exchange Act;
[1985, c. 643 (new).]
B. A commodity contract for the purchase of one or more precious metals which requires, and under which the purchaser receives,
within 7 calendar days from the payment in good funds of any portion of the purchase price, physical delivery of the quantity
of the precious metals purchased by such payment, provided that, for purposes of this paragraph, physical delivery shall be
deemed to have occurred if, within that 7-day period, the quantity of precious metals purchased by the payment is delivered,
whether in specifically segregated or fungible bulk form, into the possession of a depository, other than the seller, which
is either:
(1) A financial institution;
(2) A depository, the warehouse receipts of which are recognized for delivery purposes for any commodity on a contract market
designated by the Commodity Futures Trading Commission;
(3) A storage facility licensed or regulated by the United States or any agency of the United States; or
(4) A depository designated by the administrator, and such depository, or other person which qualifies as a depository, as
specified in this paragraph, issues and the purchaser receives, a certificate, document of title, confirmation or other instrument
evidencing that such quantity of precious metals has been delivered to the depository and is being and will continue to be
held by the depository on the purchaser's behalf, free and clear of all liens and encumbrances, other than liens of the purchaser,
tax liens, liens agreed to by the purchaser, or liens of the depository for fees and expenses, which have previously been
disclosed to the purchaser;
[1989, c. 542, §72 (amd).]
C. A commodity contract solely between persons engaged in producing, processing, using commercially or handling as merchants,
each commodity subject to such a commodity contract, or any by-product of such a contract; or
[1985, c. 643 (new).]
D. A commodity contract under which the offeree or the purchaser is a person referred to in section 11203, an insurance company,
an investment company as defined in the Investment Company Act of 1940, or an employee pension and profit sharing or benefit
plan, other than a self-employed individual retirement plan or individual retirement account.
[1985, c. 643 (new).]
[1989, c. 542, §72 (amd).]
2. Rules or orders specifying exemption. The administrator may issue rules or orders prescribing the terms and conditions of all transactions and contracts covered
by this chapter which are not within the exclusive jurisdiction of the Commodity Futures Trading Commission as granted by
the Commodity Exchange Act, exempting any person or transaction from any provision of this chapter conditionally or unconditionally
and otherwise implementing the provisions of this chapter for the protection of purchasers and sellers of commodities.
[1989, c. 542, §73 (amd).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11205. Unlawful commodity activities
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 1: GENERAL PROVISIONS
§11205. Unlawful commodity activities
1. Persons allowed to engage in commodity activities. No person may engage in a trade or business or otherwise act as a commodity merchant, unless that person:
A. Is registered or temporarily licensed with the Commodity Futures Trading Commission for each activity constituting such
person as a commodity merchant and such registration or temporary license shall not have expired, nor been suspended nor revoked;
or
[1985, c. 643 (new).]
B. Is exempt from that registration by virtue of the Commodity Exchange Act or of a Commodity Futures Trading Commission Rule.
[1985, c. 643 (new).]
[1985, c. 643 (new).]
2. Board of trade allowed to trade. No board of trade may trade, or provide a place for the trading of, any commodity contract or commodity option required
to be traded on or subject to the rules of a contract market designated by the Commodity Futures Trading Commission, unless
that board of trade has been so designated for that commodity contract or commodity option and that designation shall not
have been vacated, nor suspended nor revoked.
[1985, c. 643 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11206. Fraudulent conduct
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 1: GENERAL PROVISIONS
§11206. Fraudulent conduct
No person may directly or indirectly, in or in connection with the purchase or sale of, the offer to sell, the offer to purchase,
the offer to enter into or the entry into of any commodity contract or commodity option subject to section 11202; 11203; or
11204, subsection 1, paragraph B or D:
[1985, c. 643 (new).]
1. Cheat. Cheat or defraud, or attempt to cheat or defraud, any other person or employ any device, scheme or artifice to defraud any
other person;
[1985, c. 643 (new).]
2. False statements. Make any false report, enter any false record, or make any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading;
[1985, c. 643 (new).]
3. Fraud; deceit. Engage in any transaction, act, practice or course of business, including, without limitation, any form of advertising or
solicitation, which operates or would operate as a fraud or deceit upon any person; or
[1985, c. 643 (new).]
4. Misappropriation. Misappropriate or convert the funds, security or property of any other person.
[1985, c. 643 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11207. Liability of principals, controlling persons and others
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 1: GENERAL PROVISIONS
§11207. Liability of principals, controlling persons and others
1. Officials and agents. The act, omission or failure of any official, agent or other person acting for any individual, association, partnership,
corporation or trust within the scope of his employment or office shall be deemed the act, omission or failure of the individual,
association, partnership, corporation or trust, as well as of that official, agent or other person.
[1985, c. 643 (new).]
2. Controlling persons. Every person who directly or indirectly controls another person liable under any provision of this chapter, every partner,
officer or director of such other person, every person occupying a similar status or performing similar functions, every employee
of such other person who materially aids in the violation is also liable jointly and severally with and to the same extent
as such other person, unless the person who is also liable by virtue of this provision sustains the burden of proof that he
did not know, and in exercise of reasonable care could not have known, of the existence of the facts by reason of which the
liability is alleged to exist.
[1985, c. 643 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11208. Securities laws unaffected
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 1: GENERAL PROVISIONS
§11208. Securities laws unaffected
Nothing in this chapter impairs, derogates or otherwise affects the authority or powers of the administrator under the Maine
Uniform Securities Act or the application of any provision to that Act to any person or transaction subject to that Act.
[2005, c. 65, Pt. C, §18 (amd).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11209. Purpose
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 1: GENERAL PROVISIONS
§11209. Purpose
This chapter may be construed and implemented to effectuate its general purpose to protect investors, to prevent and prosecute
illegal and fraudulent schemes involving commodity contracts and to maximize coordination with federal and other states' laws
and the administration and enforcement of those laws. This chapter is not intended to create any rights or remedies upon
which actions may be brought by private persons against persons who violate the provisions of this chapter.
[1985, c. 643 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11210. Short title
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 1: GENERAL PROVISIONS
§11210. Short title
This chapter is known and may be cited as the "Maine Commodity Code."
[2001, c. 182, §13 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11301. Investigations
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 2: ADMINISTRATION AND ENFORCEMENT
§11301. Investigations
1. Investigations. The administrator may make investigations, within or outside this State, as the administrator finds necessary or appropriate
to:
A. Determine whether any person has violated, or is about to violate, any provision of this chapter or any rule or order of
the administrator; or
[1989, c. 542, §75 (amd).]
B. Aid in enforcement of this chapter.
[1985, c. 643 (new).]
[1989, c. 542, §75 (amd).]
2. Publication. The administrator may publish information concerning any violation of this chapter or any rule or order of the administrator.
[1989, c. 542, §75 (amd).]
3. Power of administrator. For purposes of any investigation or proceeding under this chapter, the administrator or any officer or employee designated
by rule or order, may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence and require
the production of any books, papers, correspondence, memoranda, agreements or other documents or records which the administrator
deems to be relevant or material to the inquiry.
[1989, c. 542, §75 (amd).]
4. Court order. If a person does not give testimony or produce the documents required by the administrator or a designated employee pursuant
to an administrative subpoena, the administrator or designated employee 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 the County of Kennebec or the Superior Court where service may be obtained on the person refusing
to testify or produce, if the person is within this State; or
[1985, c. 643 (new).]
B. The appropriate court of the state having jurisdiction over the person refusing to testify or produce, if the person is
outside this State.
[1985, c. 643 (new).]
[1989, c. 542, §75 (amd).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11303. Power of court to grant relief
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 2: ADMINISTRATION AND ENFORCEMENT
§11303. Power of court to grant relief
1. Violation of chapter. Upon showing of violation of this chapter or a rule or order of the administrator, the court, in addition to traditional
legal and equitable remedies, including temporary restraining orders and permanent or temporary prohibitory or mandatory injunctions,
may grant one or more of the following special remedies:
A. Imposition of a civil penalty in an amount which may not exceed $10,000 for any single violation;
[1985, c. 643 (new).]
B. Disgorgement;
[1985, c. 643 (new).]
C. Declaratory judgment;
[1985, c. 643 (new).]
D. Restitution to investors wishing restitution; or
[1985, c. 643 (new).]
E. Appointment of a receiver or conservator for the defendant or the defendant's assets.
[1985, c. 643 (new).]
[1989, c. 542, §77 (amd).]
2. Violation about to occur. Upon a showing by the administrator that a person is about to violate any provision of this chapter or any rule or order
of the administrator, the court may grant one or more of the following remedies:
A. A temporary restraining order;
[1985, c. 643 (new).]
B. A temporary or permanent injunction; or
[1985, c. 643 (new).]
C. An order appointing a receiver or conservator for the defendant or the defendant's assets.
[1985, c. 643 (new).]
[1989, c. 542, §77 (amd).]
3. No bond required. The court shall not require the administrator to post a bond in any official action under this chapter.
[1989, c. 542, §77 (amd).]
4. Violation of foreign state law. Upon showing by the administrator of securities or commodity agency of another state that a person has violated the securities
or commodity act of the foreign state or a rule or order of the administrator or securities or commodity agency of the foreign
state, the court, in addition to traditional legal or equitable remedies including temporary restraining orders, and permanent
or temporary prohibitory or mandatory injunctions, may grant the following special remedies:
A. Disgorgement; or
[1985, c. 643 (new).]
B. Appointment of a receiver, conservator or ancillary receiver or conservator for the defendant or the defendant's assets
located in this State.
[1985, c. 643 (new).]
[1985, c. 643 (new).]
5. Violation of foreign law about to occur. Upon showing by the administrator or securities or commodity agency of another state that a person is about to violate the
securities or commodity act of the foreign state or a rule or order of the administrator or securities or commodity agency
of the foreign state, the court may only grant:
A. A temporary restraining order;
[1985, c. 643 (new).]
B. A temporary or permanent injunction; or
[1985, c. 643 (new).]
C. An order appointing a receiver, conservator or ancillary receiver or conservator for the defendant or the defendant's assets
located in this State.
[1985, c. 643 (new).]
[1985, c. 643 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11304. Criminal penalties
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 2: ADMINISTRATION AND ENFORCEMENT
§11304. Criminal penalties
1. Knowing violation. Any person who knowingly violates any provision of this chapter or any rule or order of the administrator under this chapter
shall be guilty of a Class C crime, provided that, notwithstanding Title 17-A, section 1301, the maximum fine shall be $10,000
or any higher amount which does not exceed twice the pecuniary gain derived from the crime by the defendant.
[1989, c. 542, §78 (amd).]
2. Prosecution. The administrator may refer such evidence as is available concerning violations of this chapter or any rule or order of
the administrator to the Attorney General or the proper district attorney, who may, with or without such a reference from
the administrator, institute the appropriate criminal proceedings under this chapter.
[1989, c. 542, §78 (amd).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11306. Cooperation with other agencies
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 2: ADMINISTRATION AND ENFORCEMENT
§11306. Cooperation with other agencies
1. Cooperation. To encourage uniform application and interpretation of this chapter and commodities regulation and enforcement in general,
the administrator and the employees of the administrator may cooperate, including bearing the expense of the cooperation,
with the securities agencies or administrator of another jurisdiction, Canadian province or territory or such other agencies
administering this chapter, the Commodity Futures Trading Commission, the Securities and Exchange Commission, any self-regulatory
organization established under the Commodity Exchange Act or the Securities Exchange Act of 1934, any national or international
organization of commodities or securities officials or agencies and any governmental law enforcement agency.
[1989, c. 542, §80 (amd).]
2. Type of cooperation. The cooperation authorized by subsection 1 includes, but is not limited to, the following:
A. Making joint examinations or investigations;
[1985, c. 643 (new).]
B. Holding joint administrative hearings;
[1985, c. 643 (new).]
C. Filing and prosecuting joint litigation;
[1985, c. 643 (new).]
D. Sharing and exchanging personnel;
[1985, c. 643 (new).]
E. Sharing and exchanging information and documents;
[1985, c. 643 (new).]
F. Formulating and adopting mutual regulations, statements of policy, guidelines, proposed statutory changes and releases;
and
[1985, c. 643 (new).]
G. Issuing and enforcing subpoenas at the request of the agency administering this chapter in another jurisdiction, the securities
agency of another jurisdiction, the Commodity Futures Trading Commission or the Securities and Exchange Commission if the
information sought would also be subject to lawful subpoena for conduct occurring in this State.
[1985, c. 643 (new).]
[1985, c. 643 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11307. General authority to adopt rules, forms and orders
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 2: ADMINISTRATION AND ENFORCEMENT
§11307. General authority to adopt rules, forms and orders
1. Rules; forms; orders. In addition to specific authority granted elsewhere in this chapter, the administrator may make, amend and rescind rules,
forms and offers as are necessary to carry out this chapter. These rules or forms shall include, but need not be limited
to, the following:
A. Rules defining any terms, whether or not used in this chapter, insofar as the definitions are not inconsistent with this
chapter. For the purpose of rules or forms, the administrator may classify commodities and commodity contracts, persons and
matters within the administrator's jurisdiction.
[1989, c. 542, §81 (amd).]
[1989, c. 542, §81 (amd).]
2. Adoption of rules; forms; orders. Unless specifically provided in this chapter, no rule, form or order may be adopted, amended or rescinded unless the administrator
finds that the action is:
A. Necessary or appropriate in the public interest or for the protection of investors; and
[1985, c. 643 (new).]
B. Consistent with the purposes fairly intended by the policy and provisions of this chapter.
[1985, c. 643 (new).]
[1989, c. 542, §81 (amd).]
3. Publication. All rules and forms of the administrator shall be published.
[1989, c. 542, §81 (amd).]
4. Liability. No provision of this chapter imposing any liability applies to any act done or omitted in good faith in conformity with
a rule, order or form adopted by the administrator, notwithstanding that the rule, order or form may later be amended or rescinded,
or be determined by judicial or other authority to be invalid for any reason.
[1989, c. 542, §81 (amd).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11308. Consent to service of process
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 2: ADMINISTRATION AND ENFORCEMENT
§11308. Consent to service of process
1. Appointment of administrator. When a person, including a nonresident of this State, engages in conduct prohibited or made actionable by the chapter or
any rule or order of the administrator, the engaging in the conduct shall constitute the appointment of the administrator
as the person's attorney to receive service of any lawful process in a noncriminal proceeding against the person, a successor
or personal representative, which grows out of that conduct and which is brought under the chapter or any rule or order of
the administrator with the same force and validity as if served personally.
[1989, c. 542, §82 (amd).]
2. Service. Service under subsection 1 may be made by leaving a copy of the process in the office of the administrator, but it is not
effective unless:
A. The plaintiff, who may be the administrator in a suit, action or proceeding instituted by the administrator, forthwith sends
notice of the service and a copy of the process by registered or certified mail to the defendant or respondent at the last
address known to the plaintiff; and
[1989, c. 542, §82 (amd).]
B. The plaintiff's affidavit of compliance with this subsection is filed in the case on or before the return day of the process,
if any, or within such further time as the court allows.
[1985, c. 643 (new).]
[1989, c. 542, §82 (amd).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11310. Procedure for entry of an order
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 2: ADMINISTRATION AND ENFORCEMENT
§11310. Procedure for entry of an order
1. Notice of intent, summary order. The administrator shall commence an administrative proceeding under this chapter, by entering either a notice of intent
to do a contemplated act or a summary order. The notice of intent or summary order may be entered without notice, without
opportunity for hearing and need not be supported by findings of fact or conclusions of law, but must be in writing.
[1989, c. 542, §83 (amd).]
2. Notification of parties. Upon entry of a notice of intent or summary order, the administrator shall promptly notify, in writing, all interested parties
that the notice or summary order has been entered and the reasons for that notice or order. If the proceeding is pursuant
to a notice of intent, the administrator shall notify all interested parties of the date, time and place set for the hearing
in the notice or, if no hearing has been scheduled, the administrator shall notify all interested parties that they have 30
calendar days from the entry of the notice of intent to file a written request with the administrator for a hearing. If the
proceeding is pursuant to a summary order, the administrator shall notify all interested parties that they have 30 calendar
days from the entry of the order to file a written request for a hearing on the matter with the administrator and that the
hearing will be scheduled to commence within 15 calendar days after the receipt of the written request.
Notwithstanding anything in this subsection, the administrator may give notice of the entry of the notice of intent or summary
order to such parties as the administrator may determine to be necessary or appropriate.
[1989, c. 542, §83 (amd).]
3. Hearing. If the proceeding is pursuant to a summary order, the administrator, whether or not a written request for a hearing is received
from any interested party, may set the matter down for hearing on the administrator's own motion.
[1989, c. 542, §83 (amd).]
4. Summary order final. A summary order issued against any person becomes a final order:
A. Thirty days after the administrator mails notice to the interested parties of the right to request a hearing if they fail
to request a hearing and none is scheduled by the administrator; or
[1989, c. 542, §83 (amd).]
B. On the date of the hearing, if the person requesting the hearing fails to appear.
[1985, c. 643 (new).]
[1989, c. 542, §83 (amd).]
5. Action pending final determination. If a hearing is requested or ordered, the administrator, after notice of and opportunity for hearing to all interested persons,
may modify or vacate the order or extend it until final determination.
[1989, c. 542, §83 (amd).]
6. Final order. No final order or order after hearing may be returned without:
A. Appropriate notice to all interested persons;
[1985, c. 643 (new).]
B. Opportunity for hearing by all interested persons; and
[1985, c. 643 (new).]
C. Entry of written findings of fact and conclusions of law.
[1985, c. 643 (new).]
[1985, c. 643 (new).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11311. Judicial review of orders
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 2: ADMINISTRATION AND ENFORCEMENT
§11311. Judicial review of orders
Any person aggrieved by a final order of the administrator may obtain review of the order in the Kennebec County Superior
Court by filing a petition in accordance with Title 5, section 11001, and the Maine Rules of Civil Procedure, Rule 80C.
[1989, c. 542, §84 (amd).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11312. Burden of proof
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 2: ADMINISTRATION AND ENFORCEMENT
§11312. Burden of proof
The burden of proof for an exemption from this chapter shall be upon the person claiming that exemption.
[1989, c. 542, §85 (new); c. 878, Pt. A, §97 (rpr).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 32 - §11313. Orders issued by Superintendent of Financial Institutions
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 111-A: MAINE COMMODITY CODE (HEADING: PL 1987, c. 402, Pt. A, @174 (rpr))
Subchapter 2: ADMINISTRATION AND ENFORCEMENT
§11313. Orders issued by Superintendent of Financial Institutions
All orders issued by the Superintendent of Financial Institutions at a time when authority for administering this chapter
was vested in the Superintendent of Financial Institutions shall remain in effect for as long as they would have remained
in effect if that authority had not been transferred to the Securities Administrator.
[1989, c. 878, Pt. A, §98 (new); 2001, c. 44, §11 (amd); §14 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
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