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PUBLIC LAWS OF MAINE
Second Regular Session of the 118th

CHAPTER 659

S.P. 797 - L.D. 2155

An Act to Encourage Hospitality Industry Development in the State

Be it enacted by the People of the State of Maine as follows:

     Sec. 1. 28-A MRSA §707-A is enacted to read:

§707-A. Exceptions to indebtedness or operations limitations

     1. Certain financial interests permitted. Notwithstanding section 707, if the requirements of subsection 2 are met, section 707 does not prohibit:

     2. Requirements. The exceptions to section 707 set out in subsection 1 apply only if each of the following requirements is met.

     3. Construction. The exceptions to section 707 set out in subsection 1 must be construed narrowly and be limited to the express terms contained in subsection 1. The exceptions contained in subsection 1 may not be construed to undermine the general prohibition against tied interests contained in section 707.

Effective June 30, 1998, unless otherwise indicated.

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