Sec. 6. 32 MRSA §12228, sub-§§12 to 16 are enacted to read:

12.__Substantial equivalency.__The board shall determine the standards for substantial equivalency.__The board may rely upon a determination by a qualification appraisal service offered by a national association of state boards of accountancy that an applicant meets the requirements for substantial equivalency.

13.__Foreign designation.__The board shall issue a certificate to a holder of a substantially equivalent foreign designation as long as:

A.__The foreign authority that granted the designation makes similar provisions to allow a person who holds a valid certificate issued by this State to obtain that foreign authority's comparable designation;

B.__The foreign designation:

(1)__Was duly issued by a foreign authority that regulates the practice of public accountancy, and the foreign designation has not expired or been revoked or suspended;

(2)__Entitles the holder to issue reports upon financial statements; and

(3)__Was issued upon the basis of education, examination and experience requirements established by the foreign authority or by law; and

C.__The applicant:

(1)__Received the foreign designation, which is based on education and examination standards substantially equivalent to those in effect in this State at the time the foreign designation was granted;