Small business defined; economic impact statements; impact reduction options; judicial review of agency compliance; periodic review of regulations

(A) This article may be cited as the "South Carolina Small Business Regulatory Flexibility Act of 2004". (B) As used in this article "small business" means a commercial retail service, industry entity, or nonprofit corporation, including its affiliates, that: (1) is, if a commercial retail service or industry service, independently owned and operated; and (2) employs fewer than one hundred full-time employees or has gross annual sales or program service revenues of less than five million dollars. (C) Before an agency submits to the General Assembly for review a regulation that may have a significant adverse impact on small businesses, the agency, if directed by the Small Business Regulatory Review Committee, shall prepare: (1) an economic impact statement that includes the following: (a) an identification and estimate of the number of small businesses subject to the proposed regulation; (b) the projected reporting, recordkeeping, and other administrative costs required for compliance with the proposed regulation, including the type of professional skills necessary for preparation of the report or record; (c) a statement of the economic impact on small businesses; and (d) a description of less intrusive or less costly alternative methods of achieving the purpose of the proposed regulation; (2) a regulatory flexibility analysis in which the agency, where consistent with health, safety, and environmental and economic welfare, shall consider utilizing regulatory methods that accomplish the objectives of applicable statutes while minimizing a significant adverse impact on small businesses. (D) The agency shall consider, without limitation, each of the following methods of reducing the impact of the proposed regulation on small businesses: (1) establishment of less stringent compliance or reporting requirements for small businesses; (2) establishment of less stringent schedules or deadlines for compliance or reporting requirements for small businesses; (3) consolidation or simplification of compliance or reporting requirements for small businesses; (4) establishment of performance standards for small businesses to replace design or operational standards required in the proposed regulation; and (5) exemption of small businesses from all or a part of the requirements contained in the proposed regulation. (E) A small business that is adversely impacted or aggrieved in connection with the promulgation of a regulation is entitled to judicial review of agency compliance with the requirements of this article. A small business may seek that review during the period beginning on the date of final agency action. (F) Reserved.