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Can I offer a referral program for my customers in Maine? What are the requirements?

Referral Program Requirements in Maine

To offer a referral program for your customers in Maine, you may need to comply with certain securities laws and regulations.

According to the Maine Uniform Securities Act, any offer or sale of securities must be registered with the state unless an exemption applies [1.1]. However, there is an exemption for offers and sales of securities to the Finance Authority of Maine [1.1]. Additionally, Maine issuers may file for an exemption from the securities registration requirements and provide a Notification of Exemption for Maine Issuers form to each offeree of securities sold in reliance on the “limited private offering transactions, Maine issuer” exemption [1.3].

It is important to note that the definition of securities is broad and includes investment contracts, which may include referral programs that involve the sale of securities [1.1]. Therefore, it is recommended that you consult with a securities attorney to determine if your referral program involves the sale of securities and if any exemptions apply.

Peer Workforce Navigator Pilot Program

In addition to the securities laws and regulations, Maine has a Peer Workforce Navigator Pilot Program that aims to expand opportunities for employment through reemployment services, education or training opportunities, apprenticeships, and other models that result in skill development and family-supporting careers [2.1]. The program targets underserved populations, including immigrants, individuals with limited English proficiency, inexperienced and untrained individuals, low-income and homeless individuals, individuals who have been out of the workforce for an extended period, individuals with low literacy, and individuals with disabilities [2.1].

It is important to note that the Peer Workforce Navigator Pilot Program is not directly related to the securities laws and regulations, but it may be relevant to your referral program if it involves employment opportunities and skill development.

Conclusion

To offer a referral program for your customers in Maine, you may need to comply with certain securities laws and regulations. It is recommended that you consult with a securities attorney to determine if your referral program involves the sale of securities and if any exemptions apply. Additionally, the Peer Workforce Navigator Pilot Program may be relevant to your referral program if it involves employment opportunities and skill development.

Source(s):
Jurisdiction

Maine