(4)__Was eligible to take and passed the examination required for issuance of the certificate with grades that would have been passing grades at the time in this State;

C. The applicant meets the requirements of subsection 3, paragraph B.; or

D.__The applicant had 4 years of experience in the practice of public accountancy or equivalent meeting requirements prescribed by the board by rule, after passing the examination upon which the certificate is based and within the 10 years preceding the submission of the application.

Sec. D-5. 32 MRSA §12252, sub-§8, as enacted by PL 1999, c. 619, §3, is amended to read:

8. Peer review for certified public accountancy firms. Effective January 1, 2001, the board shall require, as As a condition to the granting or renewal of permits to certified public accountancy firms, that each applicant that provides a defined service other than compilations must successfully participate in an approved peer review program. Participation in such a program is governed by the following.

A. If the firm provides a defined service other than compilations as of the date of the initial granting or first renewal of a certified public accountancy firm's permit following December 15, 2000, a A peer review must be completed within 18 months after the initial granting or first renewal of the permit following December 15, 2000. After December 15, 2000, the The firm must undergo a peer review every 3 years for as long as it provides a defined service other than compilations. The firm may satisfy this requirement by showing evidence of the satisfactory completion of a peer review within 18 months prior to January 1, 2001.

B. A certified public accountancy firm that does not provide a defined service other than compilations is not required to undergo a peer review if the firm annually confirms in writing to the board that it does not provide a defined service other than compilations. A certified public accountancy firm that subsequently provides a defined service other than compilations must undergo a peer review within 18 months after the fiscal year end of the first