Sec. B-13. 31 MRSA §874, sub-§1, as amended by PL 2003, c. 631, §80, is further amended to read:

1. Failure to file annual report; penalty. A registered or foreign limited liability partnership that is required to deliver an annual report for filing, as provided by section 873, that fails to deliver its properly completed annual report to the Secretary of State shall pay, in addition to the regular annual report fee, the late filing penalty described in section 871, subsection 22, as long as the report is received by the Secretary of State prior to revocation of its status as a limited liability partnership or authority to do business as a foreign limited liability partnership, respectively. Upon a limited liability partnership's failure to file the annual report and to pay the annual report fee or the penalty, the Secretary of State, notwithstanding Title 4, chapter 5 and Title 5, chapter 375, shall revoke the status authority to do business of that partnership as a foreign limited liability partnership or shall revoke the status of that partnership as a registered limited liability partnership. The Secretary of State shall use the procedures set forth in section 808-B to revoke the status of a registered limited liability partnership and the procedures set forth in section 859-B to revoke the status authority to do business of a partnership as a foreign limited liability partnership in this State. A foreign limited liability partnership whose limited liability partnership status authority to do business has been revoked under section 859-B that wishes to do business again as a limited liability partnership in this State must follow the procedures set forth in section 859-D to reinstate requalify by applying for authority under this subchapter. A partnership whose status as a registered limited liability partnership has been revoked under section 808-B must follow the requirements set forth in section 808-C to reinstate.

Sec. B-14. Savings clause. This Part does not affect an action or proceeding commenced or a right accrued before this Act takes effect.

Sec. B-15. Effective date. This Part takes effect July 1, 2007.

PART C