Skip Maine state header navigation
OFFICE OF SECURITIES
121 STATE HOUSE STATION
AUGUSTA, ME 04333
1. At all relevant times, it has been unlawful in Maine for any issuer of securities to employ or contract with a person as a sales representative in Maine unless the sales representative is licensed or exempt from licensing under the Revised Maine Securities Act, 32 M.R.S.A. §§ 10101-10713 ("the Act").
2. New Life Corporation of America ("New Life") is a foreign business entity maintaining its principal place of business at of 101 Westpark Drive, Suite 160, Brentwood, Tennessee 37027.
3. New Life has offered and sold charitable
gift annuities ("CGAs") in
4. It is the position of the Office of Securities that CGAs are securities and that New Life's sales representatives were not exempt from licensing under the Act.
6. New Life and the Office of Securities desire an expeditious resolution of this matter.
7. Without trial or adjudication of any issue of fact or law, and without admitting or denying that its conduct violated the Revised Maine Securities Act, New Life waives its right to a hearing and to judicial review and consents to the entry of this order. The Office of Securities agrees not to take further action against New Life based solely on the allegations contained in the Summary Cease and Desist Order and this Consent Order, provided, however, that the Office of Securities is not precluded from taking action based on other allegations, or from taking those orders and their underlying allegations into account in determining the proper resolution of such other allegations.
NOW, THEREFORE, it is ORDERED that New Life permanently CEASE AND DESIST from violating any provisions of the Revised Maine Securities Act, including the prohibitions against unlicensed transactions, employing unlicensed sales representatives, and offering and selling securities that are neither registered nor exempt from registration. Specifically, New Life is ordered to cease and desist from offering or selling in Maine any securities or other investments (including but not limited to charitable gift annuities, pooled income fund interests, and bargain sale or installment bargain sale transactions) unless the person offering or effecting the transaction (1) is properly licensed to do so by the Office of Securities or (2) is exempt from such state licensing by the federal Philanthropy Protection Act of 1995.
It is further ORDERED that New Life shall: (1) within seven days of the date this Consent Order is issued, send a rescission offer, in the form set forth in Attachment A hereto, to the Maine residents who purchased a charitable gift annuity from New Life; and (2) thereafter provide such rescission within fourteen days of receiving a request from the Maine resident.
New Life hereby waives its right to a hearing and to judicial review and consents to entry of the order set forth above.
Date: July 7, 2003 New Life Corporation of America
By: /s/ Robby McGee
Name: Robby McGee
Date: July 14, 2003 /s/ Christine A. Bruenn
Christine A. Bruenn
Date: July 14, 2003 /s/ Bonnie E. Russell
Bonnie E. Russell
Assistant Securities Administrator
Date: July 14, 2003 /s/ Michael W. Atleson
Michael W. Atleson