4. Out-of-state certificates. The board shall issue a permit to a holder of a certificate as a certified public accountant or a public accountant issued by another state upon showing that:

A. The applicant passed the examination required for issuance of the certificate with grades that would have been passing grades at the time in this State;

B. The applicant:

(1) Meets all current requirements in this State for issuance of a certificate at the time the application is made;

(2) At the time of the issuance of the applicant's certificate in the other state, met all the requirements then applicable in this State; or and

(3) 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 was based and within the 10 years immediately preceding the application; and

(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