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| Home > Statutes > Usa Maine |
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USA Statutes : maine
Title : Title 32. PROFESSIONS AND OCCUPATIONS
Chapter : Chapter 99. FINANCIAL PLANNERS
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Title 32 - §9751. Declaration of purpose
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 99: FINANCIAL PLANNERS
§9751. Declaration of purpose
It is the purpose of this chapter to assure that when a financial planner makes a recommendation to a consumer on investment
of financial resources, the planner makes full disclosure of any financial interest he may have in recommending certain investments.
A consumer can make truly informed investment decisions only if he has full information on the planner's biases and interests.
[1985, c. 235 (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 - §9752. Definitions
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 99: FINANCIAL PLANNERS
§9752. Definitions
As used in this chapter, unless the context indicates otherwise, the following terms have the following meanings.
[1985, c. 235 (new).]
1. Consumer. "Consumer" means an individual.
[1985, c. 235 (new).]
2. Financial planner. "Financial planner" means a person who provides a variety of services, principally advisory in nature, to consumers with
respect to management of financial resources based upon an analysis of individual consumer needs.
"Financial planner" includes, but is not limited to, those persons who designate themselves financial analysts, advisors,
consultants or planners, financial management advisors, securities or investment analysts, estate planners or other such terms.
"Financial planner" does not include employees of financial institutions authorized to do business in this State, as defined
in Title 9-B, section 131, subsection 17-A.
[1985, c. 235 (new).]
3. Person. "Person" means any individual, partnership, unincorporated organization, corporation or any employee or agent of a partnership,
unincorporated organization or corporation.
[1985, c. 235 (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 - §9753. Disclosure required
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 99: FINANCIAL PLANNERS
§9753. Disclosure required
If a person represents himself as a financial planner recommends that a consumer invest financial resources in an investment
and the financial planner has any direct or indirect interest in that investment or has any potential of direct or indirect
financial gain if the consumer invests his resources in that investment, then the financial planner shall fully disclose to
the consumer the existence of that interest or potential gain. This duty to disclose extends to commissions, fees, referral
fees or other compensation the financial planner may receive if the consumer makes the investment.
[1985, c. 235 (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 - §9754. Enforcement
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 99: FINANCIAL PLANNERS
§9754. Enforcement
Any person who violates this chapter commits a civil violation for which a forfeiture not to exceed $100 may be adjudged in
the case of a first violation and a forfeiture not to exceed $500 may be adjudged in the case of 2nd and subsequent violations.
[1985, c. 235 (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
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