Bill > LD683

This bill clarifies the law regarding indirect financial interest disclosure for liquor license applications by specifying that applicants must disclose any person who holds an indirect financial interest of 10% or more in the entity seeking a license. The bill defines "indirect financial interest" as either an option, warrant, or right to acquire an equity interest in the licensed entity, or a right to payment based on revenues, profits, or losses derived from the licensed operations. This includes arrangements such as profit sharing, revenue sharing, or royalty payments. The amendment provides more precise language about what constitutes a reportable financial interest, helping to increase transparency in liquor licensing by ensuring that significant financial stakes, even those not involving direct ownership, are disclosed to regulatory authorities.

Military Affairs and Security

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=683&snum=132