LD 509
pg. 68
Page 67 of 94 PUBLIC Law Chapter 65 Page 69 of 94
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LR 441
Item 1

 
(5) If the basis for relief under this section may have
been a violation of section 16509, subsection 5, an offer
to reimburse in cash the consideration paid for the
advice and interest at the legal rate of interest from
the date of payment; or

 
(6) If the basis for relief under this section may have
been a violation of section 16509, subsection 6, an
offer to reimburse in cash the consideration paid for
the advice, the amount of any actual damages that may
have been caused by the conduct and interest at the
legal rate of interest from the date of the violation
causing the loss;

 
B.__The offer under paragraph A states that it must be
accepted by the purchaser, seller or recipient of investment
advice within 30 days after the date of its receipt by the
purchaser, seller or recipient of investment advice or any
shorter period, of not less than 3 days, that the
administrator, by order, specifies;

 
C.__The offeror has the present ability to pay the amount
offered or to tender the security under paragraph A;

 
D.__The offer under paragraph A is delivered to the
purchaser, seller or recipient of investment advice or sent
in a manner that ensures receipt by the purchaser, seller or
recipient of investment advice; and

 
E.__The purchaser, seller or recipient of investment advice
that accepts the offer under paragraph A in a record within
the period specified under paragraph B is paid in accordance
with the terms of the offer.

 
2.__Form of offer.__The administrator, by rule or order, may
prescribe the form in which the information specified in
subsection 1 must be contained in any offer made under subsection
1.__Rules adopted pursuant to this subsection are routine
technical rules as defined in Title 5, chapter 375, subchapter 2-
A.

 
3.__Statute of limitation tolled.__If an offer is not
performed in accordance with its terms, suit by the offeree under
section 16509 is permitted without regard to this section, and
the statute of limitations tolls from the time of receipt of the
offer until 120 days after the rescission or settlement offer was
to have been performed.

 
§16511.__Right to rescission applicable to sales of viatical or


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