Major Changes in Maine Alcoholic Beverage Disclosures

There has been a major development in Maine Alcoholic Beverage Law, as LD2067 was signed into law by the Governor yesterday. The law completely revamps the disclosures required to obtain a liquor license in the state. The changes should make the process more straightforward for the majority of privately held companies looking to sell alcoholic beverages in the state. The biggest change is that applicants now only need to disclose owners or entities with a greater than 10% interest in the licensee unless exceptions apply.

The law will take effect on July 16, 2024, which gives the Bureau of Alcoholic Beverages some breathing room to finalize forms and processes. Among other things, the Bureau will need to create a standardized affidavit for applicants with no owners that meet disclosure criteria. I expect new regulations will eventually follow as well.

The full text of the law is available here.