Sec. 1. 32 MRSA §12252, sub-§3, as enacted by PL 1987, c. 489, §2, is amended to read:

3. Individual permits required. An applicant for initial issuance or renewal of a permit to practice under this section shall be required to must show that at least 51% of the ownership is represented by one or more partners, officers or shareholders who each hold a valid individual permit to practice, issued under section 12251 and at least 51% of all each partner, officer or shareholder partners, officers or shareholders who regularly works work in this State, and each employee holding a certificate who regularly works in this State, holds hold a valid individual permit to practice, issued under section 12251 or the corresponding provision of prior law, and that each other partner, officer or shareholder holds that at least 51% of all ownership is represented by one or more partners, officers or shareholders who hold a certificate and is are licensed to practice public accountancy in this State or some other state.

Sec. 2. 32 MRSA §12275, sub-§3, as enacted by PL 1987, c. 489, §2, is amended to read:

3. Use of title. No A firm may not assume or use the title or designation "certified public accountant," the abbreviation "CPA" or any other title, designation, words, letters, abbreviation, sign, card or device indicating that the firm is composed of certified public accountants, unless:

A. The firm holds a valid permit issued under section 12252; and

B. All Fifty-one percent of all partners, officers and shareholders of the firm hold certificates.

SUMMARY

Currently all the owners of a certified public accounting or public accounting firm must hold licenses. This bill will allow a minority of the owners to be nonlicensed.