Maine Revised Statutes Title 32 Sec. 16409 – Withdrawal or nonrenewal of licensing of broker-dealer, agent, investment adviser and investment adviser representative
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Terms Used In Maine Revised Statutes Title 32 Sec. 16409
- Administrator: means the Securities Administrator under section 16601. See Maine Revised Statutes Title 32 Sec. 16102
- Agent: means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. See Maine Revised Statutes Title 32 Sec. 16102
- Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Maine Revised Statutes Title 32 Sec. 16102
- Filing: means the receipt under this chapter of a record by the administrator or a designee of the administrator. See Maine Revised Statutes Title 32 Sec. 16102
- Investment adviser: includes a financial planner or other person that, as an integral component of other financially related services, provides investment advice to others for compensation as part of a business or that holds itself out as providing investment advice to others for compensation. See Maine Revised Statutes Title 32 Sec. 16102
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
Withdrawal of licensing by a broker-dealer, agent, investment adviser or investment adviser representative becomes effective 60 days after the filing of the application to withdraw or within any shorter period authorized by the administrator, unless a revocation or suspension proceeding is pending when the application is filed. If a proceeding is pending, the administrator shall make a determination with respect to the withdrawal application as part of the proceeding. The administrator may institute a revocation or suspension proceeding under section 16412 within one year after the withdrawal became effective automatically or within one year of a license’s becoming ineffective due to nonrenewal under section 16406 and issue a revocation or suspension order as of the last date on which licensing was effective. [PL 2013, c. 39, §1 (AMD).]
SECTION HISTORY
PL 2005, c. 65, §A2 (NEW). PL 2013, c. 39, §1 (AMD).