LD 509
pg. 40
Page 39 of 183 An Act To Adopt the Maine Uniform Securities Act Page 41 of 183
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LR 441
Item 1

 
8. Section 16102(32): Maine reinstates a definition of
"viatical or life settlement contract." Viatical settlement
contracts were defined in the predecessor act; this new
definition conforms to the nomenclature used in the Viatical and
Life Settlements Act (the Maine Revised Statutes, Title 24-A,
chapter 85).

 
§16103.__References to federal statutes

 
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. mean those federal laws of those names, those
statutes and the rules and regulations adopted under those laws
and statutes, as amended.

 
Official Comments

 
Prior Provisions: 1956 Act Section 401(k); RUSA Section
101(15).

 
1. There are a large number of references to other laws in
this Act, particularly to the federal securities laws identified
in Section 103, and to rules adopted by the Securities and
Exchange Commission under those laws. One of the main objectives
of this Act is to take account of those provisions in the federal
laws that are preemptive, and to coordinate with other,
nonpreemptive provisions of the federal laws where coordination
between federal and state securities law is in the public
interest.

 
2. Section 12(d) of the Uniform Statute and Rule Construction
Act, adopted by NCCUSL in 1995, provides: "A statute or rule that
incorporates by reference a statute or rule of another
jurisdiction does not incorporate a later enactment or adoption
or amendment of the other statute or rule." Nevertheless, it is
not uncommon for States to permit later


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