Sec. 7. 13-B MRSA §1302, as amended by PL 2001, c. 550, Pt. C, §27 and affected by §29, is further amended to read:

§1302. Failure to file annual report; incorrect report; penalties

1. Failure to file annual report; penalty. Any A domestic or foreign corporation that is required to deliver an annual report for filing, as provided by section 1301, and that fails to deliver its properly completed annual report to the Secretary of State shall pay the sum of $10 for each failure to file on time , in addition to the regular annual report fee, the late filing penalty described in section 1401, subsection 34, as long as the report is received by the Secretary of State prior to administrative dissolution or revocation. Upon a corporation's failure to file the annual report and to pay the annual report fee and or the penalty, the Secretary of State, notwithstanding Title 4, chapter 5 and Title 5, chapter 375, shall revoke a foreign corporation's authority to carry on activities in this State and suspend administratively dissolve a domestic corporation from carrying on activities. The Secretary of State shall use the procedures set forth in section 1210, relative 1113 to administratively dissolve a domestic corporation and the procedures set forth in section 1210-B to revoking the right of revoke a foreign corporations corporation's authority to carry on activities in this State, for suspending domestic corporations. A foreign corporation whose authority to carry on activities in this State has been revoked under this subsection that wishes to carry on activities again in this State must be authorized as provided in section 1202. A domestic corporation that has been suspended under this subsection may be reinstated by filing the current annual report and by paying the penalty accrued. A domestic corporation that has been administratively dissolved under section 1113 must follow the requirements set forth in section 1114 to reinstate.

2. Nonconformity. If the Secretary of State finds that an annual report of a domestic or foreign corporation delivered for filing does not conform with the requirements of section 1301, the Secretary of State may return the report for correction.

3. Excusable neglect. If the annual report of a domestic or foreign corporation is not received by the Secretary of State delivered for filing within the time specified in section 1301, the corporation is excused from the liability provided in this section and from any other penalty for failure to timely file the report if it establishes, to the satisfaction of the Secretary of