(a) As used in this subchapter, unless the context otherwise requires, “fiscal impact statement” means a realistic statement of the estimated financial cost of implementing or complying with the proposed law, rule, policy, order, or administrative law upon municipalities or counties to which the proposed law, rule, policy, order, or administrative law applies.
(b) No rule, policy, order, or administrative law which would have a fiscal impact on any municipality or county in this state shall be valid unless, thirty (30) days prior to its adoption by a board, commission, agency, department, officer, or other authority of the government of the State of Arkansas, excepting the General Assembly, the courts, and the Governor, the board, commission, agency, department, officer, or other authority has filed a fiscal impact statement with the Secretary of State.
(c) Any municipality or county which will be affected by the proposed rule, policy, order, or administrative law upon request shall immediately be furnished with a copy of the fiscal impact statement by the board, commission, agency, department, officer, or other authority.