CHAPTER 265
S.P. 424 - L.D. 1345
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 32 MRSA §12201, first ¶, as enacted by PL 1987, c. 489, §2, is amended to read:
As used in this section chapter, unless the context indicates otherwise, the following terms have the following meanings.
Sec. 2. 32 MRSA §12228, sub-§3, as enacted by PL 1987, c. 489, §2, is amended to read:
3. Education requirement. The education requirement for a certificate, which must be met no later than 120 days after before an applicant sits is eligible to apply for the examination prescribed in subsection 4, shall be a baccalaureate degree or its equivalent conferred by a college or university acceptable to the board. is as follows:
A. During the 5-year period immediately following October 1, 1997, a baccalaureate degree or its equivalent conferred by a college or university acceptable to the board; and
B. After October 1, 2002, at least 150 semester hours of education, including a minimum 4-year baccalaureate or higher degree conferred by a college or university acceptable to the board, the total educational program to include basic courses in accounting and auditing determined to be appropriate under board rules. Rules adopted by the board pursuant to this paragraph are routine technical rules as defined in Title 5, chapter 375, subchapter II-A.
Sec. 3. 32 MRSA §12228, sub-§4, as amended by PL 1995, c. 353, §23, is further amended to read:
4. Examination; administration. The examination to be passed as a condition for the granting of a certificate must be in writing, must be held twice a year and must be the Uniform Certified Public Accountant Examination prepared by the Board of Examiners of the American Institute of Certified Public Accountants or any other examination approved by the board test the applicant's knowledge of the subjects of accounting and auditing and such other related subjects as the board may specify by rule. Rules adopted pursuant to this section are routine technical rules as defined in the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter II-A. The time for holding the examination must be fixed by the board and may be changed from time to time. The board shall prescribe by rule the methods of applying for and conducting the examination, including methods for grading papers and determining a passing grade required of an applicant for a certificate, except that the board, to the extent possible, shall see to it that the grading of the examination and the passing grades are uniform with those applicable in all other states. The board may make the use of all or any part of the Uniform Certified Public Accountant Examination and the Advisory Grading Service of the American Institute of Certified Public Accountants or any other examination approved by the board and may contract with 3rd parties to perform such administrative services with respect to the examination as it considers appropriate to assist it in performing its duties under this section.
Sec. 4. 32 MRSA §12228, sub-§5, as amended by PL 1995, c. 353, §24, is repealed and the following enacted in its place:
5. Examination; passing. An applicant is required to pass all sections of the examination provided for in subsection 4 in order to qualify for a certificate. The passing grade for each section is 75%. If, at a given sitting of the examination, an applicant passes 2 or more but not all sections, then the applicant is given credit for those sections that the applicant has passed and need not sit for reexamination in those sections, if:
A. At that sitting the applicant wrote all sections of the examination for which the applicant does not have credit;
B. The applicant attained a minimum grade of 50% on each section taken at that sitting;
C. The applicant passes the remaining sections of the examination within 6 consecutive examinations given after the one at which the first sections were passed;
D. At each subsequent sitting at which the applicant seeks to pass any additional sections, the applicant writes all sections for which the applicant does not have credit; and
E. In order to receive credit for passing additional sections in any such subsequent sitting, the applicant attains a minimum grade of 50% on sections taken at that sitting.
Sec. 5. 32 MRSA §12228, sub-§§7 and 8, as enacted by PL 1987, c. 489, §2, are amended to read:
7. Waiver. The board may, in particular cases, waive or defer any of the requirements of subsections 5 and 6 regarding the circumstances in which the various parts sections of the examination must be passed upon a showing that, by reason of circumstances beyond the applicant's control, he the applicant was unable to meet that requirement.
8. Administration fee. The board may charge, or provide for a 3rd party administering the examination to charge, each applicant a fee in an amount prescribed by the board by rule for each part section of the examination or reexamination taken by the applicant.
Sec. 6. 32 MRSA §12228, sub-§10, as amended by PL 1993, c. 634, Pt. C, §1, is further amended by amending the first paragraph to read:
10. Experience. The During the 5-year period immediately following October 1, 1997, the applicant shall show that the applicant has had 2 years of experience in the practice of public accountancy or its equivalent, meeting requirements prescribed by the board by rule; or, if the applicant's educational qualifications comprise a baccalaureate degree meeting the requirements set out in subsection 3 include, a master's masters degree conferred by a college or university approved by the board and one year of experience, then only one year of experience in that practice or its equivalent is required. After October 1, 2002, for initial issuance of a certificate under this subsection, an applicant shall demonstrate 2 years of experience that was under the direction of a licensee under this subchapter and shall meet the other requirements prescribed by the board by rule. The applicant's experience must include the use of accounting or auditing skills, including the issuance of reports on financial statements, and at least one of the following: the provision of management advisory, financial advisory or consulting services; the preparation of tax returns; the furnishing of advice on tax matters; or equivalent activities defined by the board by rule. Board rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter II-A. To the extent the applicant's experience is as an auditor engaged in the examination of financial statements for the Department of Audit or as a revenue agent or similar position engaged in the examination of personal and corporate income tax returns for the Bureau of Taxation, the applicant receives credit at the rate of 50% toward the experience required by this subsection. To the extent the applicant's experience is as an examiner engaged in financial examinations for the Bureau of Insurance, the applicant receives credit under this subsection if that experience meets the following standards:
Effective September 19, 1997, unless otherwise indicated.
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