§4691. Definitions As used in this chapter, unless the context indicates otherwise, the following terms shall have the following meanings. [PL 1979, c. 571 (NEW).] 1. Affiliated person. “Affiliated person” means a person who: A. Directly or indirectly controls, is controlled by or is under common control with, a seller; [PL 1979, […]
§4692. When disclosure statement must be provided Seller shall provide all purchasers with a disclosure statement meeting the requirements of this chapter at the earliest of: at least 72 hours before the purchaser signs a business opportunity agreement; at least 72 hours before the purchaser makes payment of any consideration in connection with the sales […]
§4693. Required disclosure The disclosure statement must include the following information accurately, clearly and concisely stated, in a legible written document. A disclosure statement meeting the criteria of any rules or regulations of the Federal Trade Commission requiring disclosure statements by sellers fulfills the requirements of this section to the extent that the substituted disclosure […]
§4694. Printed notice The following notice shall appear, in conspicuous type, on the front page of the disclosure statement: DISCLOSURE REQUIRED BY MAINE LAW The information contained in this disclosure statement has not been verified by the State of Maine. The State has not reviewed and does not approve or endorse any business opportunity. The […]
§4695. Bonds and escrow accounts All sellers shall obtain either a surety bond issued by a surety company authorized to do business in this State or have established an escrow account with a licensed bank or savings institute located in this State. The surety bond or escrow account shall be in an amount of not […]
§4696. Registration Every seller shall register with the Securities Administrator prior to selling, offering to sell, advertising or undertaking any other act relating to the promotion of business opportunities in this State. Registration shall be complete upon paying a $25 fee, filing a copy of the disclosure statement required by section 4692 and providing evidence […]
§4697. Renewal of registration A registration is effective for one year commencing on the date of effectiveness. A seller may annually renew the registration by paying a $10 fee, filing a copy of a current disclosure statement and providing evidence of a bond or escrow account satisfying the requirements of section 4695. Failure to renew […]
§4698. Right of avoidance A purchaser may avoid a contract for the purchase of a business opportunity by giving written notice of avoidance to the seller, by ordinary mail postage prepaid within 3 full business days following the day on which the contract was made. The notice shall be sufficient if addressed to the seller […]
§4699-A. Investigatory powers of Securities Administrator 1. Investigations. The Securities Administrator may conduct investigations, within or outside the State, as the Securities Administrator finds necessary or appropriate to: A. Determine whether a person has violated, or is about to violate, a provision of this chapter or a rule or order of the Securities Administrator; […]
§4699. Prohibited acts It shall be unlawful for any seller: [PL 1979, c. 571 (NEW).] 1. Noncompliance. To fail to comply with any provision of this chapter, including, but not limited to: A. Failure to register pursuant to sections 4696 and 4697; [PL 1979, c. 571 (NEW).] B. Failure to provide all […]
§4700-A. Service of process The Securities Administrator shall be an agent of each seller who sells, offers for sale, advertises or promotes business opportunities in this State for service of any process, notice or demand required or permitted by law to be served and this service shall be binding upon the seller. Service of any […]
§4700-B. Disposal of fees All fees received under this chapter shall be paid to the Treasurer of State to be used for carrying out this chapter. Any balance of these fees shall not lapse, but shall be carried forward as a continuing account to be expended for the same purposes in the following fiscal years. […]
§4700. Remedies 1. Violation. Any violation of this chapter shall constitute a violation of Unfair Trade Practices, Title 5, chapter 10. [PL 1979, c. 571 (NEW).] 2. Class D crime. An intentional violation of this chapter shall be a Class D crime. [PL 1979, c. 571 (NEW).] 3. Temporary restraining order. Upon application […]
