AUGUSTA (AP) – A bill that will overhaul Maine’s law that protects people who invest in securities was signed Monday by Gov. John Baldacci, who said the measure shows how private and public interests can succeed together in crafting strong policy for the state.

The new law, which represents the first complete rewrite of the Maine Uniform Securities Act in two decades, will take effect Dec. 31. It’s based on a model law that encourages consistency and cooperation among the states in the complex regulatory area. The model legislation went through a lengthy review process to tailor it to Maine’s needs, supporters said.

The law governs the sale of all securities, including stocks, bonds, mutual funds and other investment vehicles, in Maine. It provides authority for the state securities administrator and Office of Securities, who protect investors through the regulation of securities.

State securities regulators typically receive the first call when investors have complaints or questions about securities firms, Baldacci said.

“This role has become increasingly important as Maine families rely on the securities markets for their financial futures,” Baldacci said.

The governor added that the new law balances the competing interests of uniformity among the states, investor protection and enabling businesses to raise capital in Maine.

The initial draft was reviewed by business representatives, regulatory officials and attorneys from the Maine Bar Association’s Corporate Law Section.

Among the many changes from the model legislation is one allowing companies to privately raise investment capital from more individuals per year without having to register their securities, the state Department of Professional and Financial Regulation said.