The bill amends Section 42-35.1-3 of the General Laws concerning "Small Business Regulatory Fairness in Administrative Procedures" by introducing new requirements for economic impact statements that agencies must prepare before adopting regulations that may adversely affect small businesses. Specifically, the bill mandates that these statements include a finding that the anticipated compliance costs of a proposed rule scale proportionally with the size of the business and do not impose fixed costs that larger businesses can more easily absorb.

Additionally, the economic impact statement must include a statement of the effect or probable effect on impacted small businesses. The act requires that the economic impact statements be published in guide form and made available on relevant government websites around the same time as the regulation changes. Certain professional and business activities, such as public utilities and regulated financial institutions, are excluded from these requirements. The act is set to take effect upon passage.

Statutes affected:
7449: 42-35.1-3