The bill amends existing laws related to small business regulatory fairness by establishing the position of "small business ombudsman" within the Department of Business Regulation. This new role replaces the previous designation of "small business regulatory enforcement ombudsman" and expands the responsibilities of the ombudsman to include working with regulatory and licensing agencies to assist small businesses. The ombudsman will be tasked with receiving feedback from small businesses regarding regulatory activities, developing reporting policies, and producing an annual public report detailing the ombudsman's activities and legislative recommendations to improve the small business climate. Additionally, the ombudsman will provide assistance for petitions to agencies or licensing authorities.

Furthermore, the bill modifies the petition process for residents and businesses in Rhode Island to request changes to agency rules, policies, or procedures. It allows for a more streamlined process where agencies must respond to petitions within 30 days, either denying the petition with justification or initiating rulemaking. The bill also designates the small business ombudsman as the small business advocate for the Rhode Island Commerce Corporation, thereby consolidating the advocacy efforts for small businesses under one role. Overall, the act aims to enhance support for small businesses and improve their interactions with state regulatory bodies.