94-457-307 Me. Code R. § 8
In the event that an application is rejected in full or in part by the Chief Executive Officer, or in the event that conditions are imposed by the Chief Executive Officer in the certificate, or if the Chief Executive Officer determines that a certificate should be revoked, the investor and the business or fund shall have the right to appeal the Chief Executive Officer's decision to the members of the Authority. Notice of the appeal, together with a statement of the reasons why the Chief Executive Officer's decision should be reversed shall be given to the Chief Executive Officer in writing within 20 days after the date on which the Chief Executive Officer has mailed the notice of decision to the investor and the business or fund. The appeal shall be heard at a meeting of the members and the investor or a principal owner of the business or principal manager of the fund must be present to support the appeal. The appeal shall be based on the record before the Chief Executive Officer on the date of the decision. If new evidence or information is to be submitted, it should be submitted to the Chief Executive Officer with a request for reconsideration. The decision of the Chief Executive Officer shall be final unless the members determine that it was arbitrary, capricious or an abuse of discretion, in which event the members may reverse the decision and direct the Chief Executive Officer to take such further action as would be consistent with their decision.
94-457 C.M.R. ch. 307, § 8