Clarifies that a liquor license applicant must disclose indirect financial interests of 10% or more.
The bill amends the Maine Revised Statutes to clarify the disclosure requirements for applicants seeking a liquor license or certificate of approval. Specifically, it states that an applicant must disclose any person holding an indirect financial interest of 10% or more in the applicant. The definition of "indirect financial interest" includes options, warrants, or other rights to acquire an equity interest, as well as rights to payment of revenues, profits, or losses. This change aims to ensure transparency in the licensing process by specifying the threshold for required disclosures.
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