(3) Municipal securities that are exempt from registration under Title 32, section 10502 16201, subsection 1, paragraph A; and

(4) Permanent life insurance, other than variable life insurance and annuities, from an insurer authorized to transact insurance in this State, subject to the provisions of Title 24-A, chapter 27. A payee or mortuary trustee may not receive any commission, fee or other consideration from an insurer in connection with the procurement or purchase of insurance permitted by this subparagraph.

Except for fees allowed by this section, all investments made with trust assets remain trust assets.

Sec. C-17. 32 MRSA §4668, sub-§1, śC, as enacted by PL 2001, c. 276, §1, is amended to read:

C. A sale by a dealer or agent or salesman of a dealer registered pursuant to chapter 105 135 of stocks, bonds, debentures or securities representing stocks, bonds or debentures registered pursuant to chapter 105 135 or expressly exempt from registration pursuant to chapter 105 135;

Sec. C-18. 32 MRSA §11208, as amended by PL 1989, c. 542, §74, is further amended to read:

§11208. Securities laws unaffected

Nothing in this chapter impairs, derogates or otherwise affects the authority or powers of the administrator under the Revised Maine Uniform Securities Act or the application of any provision to that Act to any person or transaction subject to that Act.

Sec. C-19. 32 MRSA §14701, sub-§4, as enacted by PL 2001, c. 324, §12, is amended to read:

4. Merchandise. "Merchandise" includes any objects, wares, goods, promises, commodities, intangibles, services or other things of value but does not include food or technical or vocational schools located outside of the State that are registered pursuant to Title 20-A, section 9501. "Merchandise" does not include securities that are registered or exempt from