32 §16204. Denial, suspension, revocation, condition or limitation of exemptions
Title 32: PROFESSIONS AND OCCUPATIONS
Chapter 135: MAINE UNIFORM SECURITIES ACT HEADING: PL 2005, C. 65, PT. A, §2 (NEW)
Subchapter 2: EXEMPTIONS FROM REGISTRATION OF SECURITIES HEADING: PL 2005, C. 65, PT. A, §2 (NEW)
§16204. Denial, suspension, revocation, condition or limitation of exemptions
1. Enforcement related powers. Notwithstanding the Maine Administrative Procedure Act, an order under this chapter may deny, suspend application of, condition, limit or revoke an exemption created under section 16201, subsection 3, paragraph C, section 16201, subsection 7 or 8 or section 16202 or an exemption or waiver created under section 16203 with respect to a specific security, transaction or offer if the administrator finds that the order is consistent with the public interest and the protection of the public. An order under this section may be issued only pursuant to the procedures in section 16306, subsection 4 or section 16604 and only prospectively.
[ 2005, c. 65, Pt. A, §2 (NEW) .]
2. Knowledge of order required. A person does not violate section 16301, sections 16303 to 16306, section 16504 or section 16510 by an offer to sell, offer to purchase, sale or purchase effected after the entry of an order issued under this section if the person did not know, and in the exercise of reasonable care could not have known, of the order.
[ 2005, c. 65, Pt. A, §2 (NEW) .]
SECTION HISTORY
2005, c. 65, §A2 (NEW).