The bill establishes new requirements for agencies in Wyoming regarding the preparation of statements of estimated regulatory costs associated with proposed rules. It mandates that these statements include a detailed economic analysis to assess potential adverse impacts on economic growth, job creation, and business competitiveness, specifically if such impacts exceed $100,000 within five years of implementation. Additionally, the bill requires agencies to consider regulatory alternatives that could mitigate impacts on small businesses, counties, cities, and towns. If a proposed rule is likely to have significant adverse effects, it cannot be implemented until it receives legislative approval.

Furthermore, the bill introduces a definition for "small business" and outlines the process for interested parties to propose lower-cost regulatory alternatives to agency rules. Agencies must respond to these proposals and provide revised statements of estimated regulatory costs if changes are made that increase costs. The bill emphasizes the importance of considering the impact of regulations on small businesses and local governments, and it includes provisions for public notice and transparency in the rulemaking process. The act will take effect on July 1, 2024, and applies to all agency rules adopted, amended, or repealed after that date.

Statutes affected:
Introduced: 16-3-101, 16-3-103