Title 32, Title 32

1. Persons allowed to engage in commodity activities. No person may engage in a trade or business or otherwise act as a commodity merchant, unless that person: A. Is registered or temporarily licensed with the Commodity Futures Trading Commission for each activity constituting su…

No person may directly or indirectly, in or in connection with the purchase or sale of, the offer to sell, the offer to purchase, the offer to enter into or the entry into of any commodity contract or commodity option subject to section 11202; 11203; or 11204, subsection 1, parag…

1. Officials and agents. The act, omission or failure of any official, agent or other person acting for any individual, association, partnership, corporation or trust within the scope of his employment or office shall be deemed the act, omission or failure of the individual, asso…

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

This chapter may be construed and implemented to effectuate its general purpose to protect investors, to prevent and prosecute illegal and fraudulent schemes involving commodity contracts and to maximize coordination with federal and other states' laws and the administration and …

This chapter is known and may be cited as the "Maine Commodity Code."

1. Investigations. The administrator may make investigations, within or outside this State, as the administrator finds necessary or appropriate to: A. Determine whether any person has violated, or is about to violate, any provision of this chapter or any rule or order of the admi…

1. Cease and desist order. If the administrator believes, whether or not based upon an investigation conducted under section 11301, that any person has engaged or is about to engage in any act or practice constituting a violation of any rule or order under this chapter, the admin…

1. Violation of chapter. Upon showing of violation of this chapter or a rule or order of the administrator, the court, in addition to traditional legal and equitable remedies, including temporary restraining orders and permanent or temporary prohibitory or mandatory injunctions, …

1. Knowing violation. Any person who knowingly violates any provision of this chapter or any rule or order of the administrator under this chapter is guilty of a Class C crime, except that, notwithstanding Title 17‑A, sections 1704 and 1705, the maximum fine is $10,000 or any hig…

1. Administrator. This chapter shall be administered by the Securities Administrator. 2. Use of information. Neither the administrator nor any employee of the administrator may use any information which is filed with or obtained by the administrator which is not public informatio…

1. Cooperation. To encourage uniform application and interpretation of this chapter and commodities regulation and enforcement in general, the administrator and the employees of the administrator may cooperate, including bearing the expense of the cooperation, with the securities…

1. Rules; forms; orders. In addition to specific authority granted elsewhere in this chapter, the administrator may make, amend and rescind rules, forms and offers as are necessary to carry out this chapter. These rules or forms shall include, but need not be limited to, the foll…

1. Appointment of administrator. When a person, including a nonresident of this State, engages in conduct prohibited or made actionable by the chapter or any rule or order of the administrator, the engaging in the conduct shall constitute the appointment of the administrator as t…

1. Seller. Sections 11202, 11205 and 11206 apply to persons who sell or offer to sell when: A. An offer to sell is made in this State; or [PL 1985, c. 643 (NEW).] B. An offer to buy is made and accepted in this State. [PL 1985, c. 643 (NEW).] 2. Purchaser. Sections 11202, 11205 a…

1. Notice of intent, summary order. The administrator shall commence an administrative proceeding under this chapter, by entering either a notice of intent to do a contemplated act or a summary order. The notice of intent or summary order may be entered without notice, without op…

Any person aggrieved by a final order of the administrator may obtain review of the order in the Kennebec County Superior Court by filing a petition in accordance with Title 5, section 11001, and the Maine Rules of Civil Procedure, Rule 80C.

The burden of proof for an exemption from this chapter shall be upon the person claiming that exemption.

All orders issued by the Superintendent of Financial Institutions at a time when authority for administering this chapter was vested in the Superintendent of Financial Institutions shall remain in effect for as long as they would have remained in effect if that authority had not …