The bill establishes the Interim Administrative Rule Oversight Committee, which will consist of twelve members appointed by the majority and minority floor leaders of both the House of Representatives and the Senate. The committee is tasked with reviewing proposed rules from executive agencies, analyzing their fiscal impacts, and making recommendations prior to public hearings. The committee will meet at least once a month during the interim and will have the authority to endorse legislation necessary to amend or repeal statutes related to agency rule-making.

Additionally, the bill amends the State Rules Act to require that any notice of proposed rulemaking includes a fiscal impact statement if the estimated cost of implementing the rule exceeds one million dollars. It also introduces new requirements for the fiscal impact statement itself, detailing the necessary components that must be included. An appropriation of two million dollars is allocated to support the committee's operations, with the provisions of the act set to take effect on July 1, 2025.

Statutes affected:
introduced version: 14-4-5.2