LD 509
pg. 42
Page 41 of 183 An Act To Adopt the Maine Uniform Securities Act Page 43 of 183
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LR 441
Item 1

 
This chapter modifies, limits and supersedes the federal
Electronic Signatures in Global and National Commerce Act, but
does not modify, limit or supersede Section 101(c) of that Act,
15 United States Code, Section 7001(c) or authorize electronic
delivery of any of the notices described in Section 103(b) of
that Act, 15 United States Code, Section 7003(b). This chapter
authorizes the filing of records and signatures, when specified
by provisions of this chapter or by a rule adopted or order
issued under this chapter, in a manner consistent with Section
104(a) of that Act, 15 United States Code, Section 7004(a).__
Rules adopted under this section are routine technical rules as
defined in Title 5, chapter 375, subchapter 2-A.

 
Official Comment

 
No Prior Provision. The purpose of this Section is to permit
the filing of electronic signatures and electronic records.

 
SUBCHAPTER 2

 
EXEMPTIONS FROM REGISTRATION OF SECURITIES

 
Official Comments

 
Section 201 includes exempt securities and Section 202
includes exempt transactions. Both exempt securities and exempt
transactions are exempt from the securities registration, notice
filing requirement of Section 302, and the filing of sales
literature Section 504 of this Act. Neither Section 201 nor
Section 202 provides an exemption from the Act's antifraud
provisions in Article 5, nor the broker-dealer, agent, investment
adviser, or investment adviser registration requirements in
Article 4.

 
A Section 201 exempt security retains its exemption when
initially issued and in subsequent trading.

 
A Section 202 transaction exemption must be established for
each transaction.

 
Neither the exempt security nor the transaction exemptions are
meant to be mutually exclusive. A security or transaction may
qualify for two or more exemptions.

 
Article 2 is not available to any security, transaction, or
offer that, although in technical compliance with a specific
section in Article 2, is part of an unlawful plan or scheme to
evade the registration provisions of Article 3. In such cases


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