SF 1082

as introduced - 89th Legislature (2015 - 2016) Posted on 02/24/2015 10:22am

A bill for an act
relating to commerce; specifying certain criteria for issuance or renewal of
CPA firm permits; authorizing rulemaking; amending Minnesota Statutes 2014,
section 326A.05, subdivision 4.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2014, section 326A.05, subdivision 4, is amended to read:

Subd. 4.

Initial issuance or renewal.

new text begin (a) new text end An applicant for initial issuance or renewal
of a permit to practice under this section shall register each office of the firm within this state
with the board and show that all attest and compilation services rendered in this state are
under the charge of a person holding a valid certificate issued by this state or another state.

new text begin (b) The board shall issue a permit to a firm or renew the permit of a firm that
meets other qualifications of this section if at least two-thirds of partners, members,
shareholders, directors, and officers who hold a certificate and whose principal place of
business in this state, including the firm managing partner and the signer of the firm
permit renewal application:
new text end

new text begin (1) individually hold nonexpired certificates with an active status issued under
section 326A.04, covering the term of the firm permit to be issued; or
new text end

new text begin (2) individually renew their certificates with an active status or hold nonexpired
certificates with an active status issued under section 326A.04, covering the term of the
firm permit to be renewed.
new text end

Sec. 2. new text begin RULEMAKING.
new text end

new text begin The Board of Accountancy must amend Minnesota Rules, part 1105.4000, and other
rules as necessary to comply with section 1. The board may use the good cause exemption
in Minnesota Statutes, section 14.388, subdivision 1, clause (3), to adopt the amendment
under this section, and Minnesota Statutes, section 14.386, does not apply, except as
provided under Minnesota Statutes, section 14.388.
new text end