1.__Periodic reports.__In any certificate of public advantage issued under section 1883, the reviewing agencies shall require the applicant to report periodically on the extent of the benefits realized and, in the case of any certificate containing conditions, its compliance with any conditions issued under this chapter.__The reviewing agencies shall evaluate the applicant's submission and compliance and within 30 days of receipt of the submission issue a report of their findings.__Reviews are required as follows:

A.__For transactions not involving mergers, at least once in the first 12 months after issuance of the certificate; and

B.__For transactions involving mergers, between 12 and 24 months after issuance of the certificate.

2.__Supervisory proceedings.__At any time, one or more of the reviewing agencies may initiate supervisory proceedings for the purpose of evaluating compliance with any conditions imposed in the certificate of public advantage or for the purpose of determining whether, in their estimation, the likely benefits resulting from a certified agreement continue to outweigh the likely disadvantages attributable to any potential reduction in competition resulting from the agreement.__Supervisory proceedings are governed by the procedures set forth in section 1883, subsection 3.

Sec. 7. 22 MRSA §1885, as amended by PL 1995, c. 583, §§8 to 12, is repealed.

Sec. 8. 22 MRSA §1886, as amended by PL 1995, c. 583, §§13 and 14, is further amended to read:

§1886. Effect of certification; applicability

1. Validity of certified cooperative agreements. Notwithstanding Title 5, chapter 10, Title 10, chapter 201 or any other provision of law, a cooperative agreement for which a certificate of public advantage has been issued is a lawful agreement. Notwithstanding Title 5, chapter 10, Title 10, chapter 201 or any other provision of law, if the parties to a cooperative agreement file an application for a certificate of public advantage governing the agreement with the department reviewing agencies, the conduct of the parties in negotiating and entering into a cooperative agreement is lawful conduct. Nothing in this subsection immunizes any person for conduct in negotiating and entering into a cooperative agreement for which an application for a certificate of public advantage is not filed.