02-032-542 Me. Code R. § 1

Current through 2024-51, December 18, 2024

Section 032-542-1 - Scope of Rule

Pursuant to 32 M.R.S.A. §16510, an action under 32 M.R.S.A. §16509 may not be maintained if a rescission offer is received before the action is instituted. While many types of actions may be maintained under 32 M.R.S.A. §16509, this rule adopts model language for the two most prevalent types of rescission offers made:

(1) rescission for offering or selling unregistered securities; and (2) rescission for offers or sales of securities by unlicensed broker-dealers or agents. Rescission offers made for any other action contemplated by 32 M.R.S.A. §16509 must comply with 32 M.R.S.A. §16510(1) and contain the information specified in that section.

02-032 C.M.R. ch. 542, § 1