Maine Revised Statutes Title 32 Sec. 12253 – Accountancy firm practice without license on the basis of substantial equivalency
Current as of: 2023 | Check for updates
|
Other versions
1. Substantial equivalency. A firm with a principal place of business outside the State is presumed to have qualifications substantially equivalent to the State’s requirements and has all the privileges of licensees of the State and may provide professional services in the State without the requirement to obtain a license under this section or to otherwise notify or register with the board or pay any fee if the firm:
A. Holds a valid license as a certified public accountancy firm from a state that the board has verified to be in substantial equivalence with the certified public accountancy firm licensure requirements of a national association of state boards of accountancy and standards promulgated by the American Institute of Certified Public Accountants; or [PL 2021, c. 68, §3 (NEW).]
B. Holds a valid license as a certified public accountancy firm from a state that is not in substantial equivalence with the certified public accountancy firm requirements under paragraph A, but the board determines that the certified public accountancy firm’s qualifications are substantially equivalent to the certified public accountancy firm licensure requirements of a national association of state boards of accountancy and standards promulgated by the American Institute of Certified Public Accountants. [PL 2021, c. 68, §3 (NEW).]
In determining substantial equivalence, the board may consult determinations and verifications from a national qualification appraisal service of a national association of state boards of accountancy.
[PL 2021, c. 68, §3 (NEW).]
Terms Used In Maine Revised Statutes Title 32 Sec. 12253
- Appraisal: A determination of property value.
- Board: means the Board of Accountancy established under Title 5, section 12004?A, subsection 1, or its predecessor under prior law. See Maine Revised Statutes Title 32 Sec. 12201
- Firm: means a sole proprietorship, a corporation, a partnership or any other form of organization. See Maine Revised Statutes Title 32 Sec. 12201
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Licensee: means a person who holds a license issued by the board under section 12230 or 12231 or a corresponding provision of prior law, or a firm that holds a license issued by the board under section 12252. See Maine Revised Statutes Title 32 Sec. 12201
- Substantial equivalency: means that the education, examination and experience requirements for certified public accountants contained in the statutes and administrative rules of another jurisdiction are comparable to or exceed the education, examination and experience requirements of this State or that an individual certified public accountant's education, examination and experience qualifications are comparable to or exceed the education, examination and experience requirements of this State. See Maine Revised Statutes Title 32 Sec. 12201
2. No notice or other submission required. Notwithstanding any provision of law to the contrary, a firm that is eligible to practice in this State without a license in accordance with the requirements of this section may offer or render professional services in this State, whether in person or by mail, telephone or electronic means, without providing notice or making any submission to the board. Such a firm is subject to subsection 3.
[PL 2021, c. 68, §3 (NEW).]
3. Conditions. A licensee of another state exercising the practice privilege afforded under this section must consent, as a condition of the grant of the practice privilege:
A. To the personal and subject matter jurisdiction and disciplinary authority of the board; [PL 2021, c. 68, §3 (NEW).]
B. To comply with the provisions of this chapter and the board’s rules; and [PL 2021, c. 68, §3 (NEW).]
C. To the stipulation that, in the event the license from the state of the firm’s principal place of business is no longer valid, the firm will cease offering or rendering professional services in the State. [PL 2021, c. 68, §3 (NEW).]
[PL 2021, c. 68, §3 (NEW).]
SECTION HISTORY
PL 2021, c. 68, §3 (NEW).