(a) As used in this section, “fiscal impact statement” means the estimate of the actual cost of compliance of a new or amended rule based on its projected and collective fiscal impact on the regulated community, excluding speculative, anticompetitive, or hypothetical costs, and the assumptions and reasoning upon which the actual costs of compliance are based.
(b) Notwithstanding another law to the contrary, an agency, for a rule that affects the regulated community:(1) Shall generate a fiscal impact statement for a new or amended rule that is anticipated to have a negative fiscal impact on the regulated community, including affected industries, businesses, and trades; and(2) Shall not generate or create a fiscal impact statement for a new or amended rule until after the public hearing with a period for public comment on such rule to provide the public and affected industries, businesses, and trades the opportunity to provide input with respect to the fiscal impact of such rule.
(1) Shall generate a fiscal impact statement for a new or amended rule that is anticipated to have a negative fiscal impact on the regulated community, including affected industries, businesses, and trades; and
(2) Shall not generate or create a fiscal impact statement for a new or amended rule until after the public hearing with a period for public comment on such rule to provide the public and affected industries, businesses, and trades the opportunity to provide input with respect to the fiscal impact of such rule.
(c) In addition to other requirements under law, an agency, for a rule that affects the regulated community:(1) Shall include with each fiscal impact statement proof satisfactory that the agency sought feedback from representatives of industries, trades, and businesses, including trade associations and organizations, or individual businesses, from the regulated community, likely to experience a negative fiscal impact by the new or amended rule. This subdivision (c)(1) does not prohibit an individual or business from submitting feedback to the agency anonymously regarding the fiscal impact of the rule. “Proof satisfactory” under this subdivision (c)(1) includes the name of each individual, association, and organization that was invited to provide feedback to the agency for incorporation into a fiscal impact statement and the industry, trade, or business that such individual represents unless feedback was submitted anonymously by an individual or business, in which case the agency shall notate the anonymous submission;(2) May include, with each fiscal impact statement, feedback from affected regulatory boards;(3) Shall include with each fiscal impact statement any information related to the actual or potential negative fiscal impact of the new or amended rule to an impacted industry, business, or trade shared during a period of public comment, if such information was provided;(4) Shall not separate one (1) or more proposed new or amended rules for the purpose of segregating the fiscal impact statements with the intent to bypass the monetary caps specified in § 4-5-226(c)(2); and(5) If a fiscal impact statement exceeds the monetary cap specified in § 4-5-226(c)(2), shall, as soon as practicable, provide written and electronic notice, including the fiscal impact statement, to the governor, the speakers of the senate and house of representatives, and the chairs of the joint government operations committee that the monetary cap for a rule has been exceeded. If notice is provided under this subdivision (c)(5) for an emergency rule, the notice must state that the emergency rule will expire in accordance with the time frames specified in § 4-5-208(f)(1)(B).
(1) Shall include with each fiscal impact statement proof satisfactory that the agency sought feedback from representatives of industries, trades, and businesses, including trade associations and organizations, or individual businesses, from the regulated community, likely to experience a negative fiscal impact by the new or amended rule. This subdivision (c)(1) does not prohibit an individual or business from submitting feedback to the agency anonymously regarding the fiscal impact of the rule. “Proof satisfactory” under this subdivision (c)(1) includes the name of each individual, association, and organization that was invited to provide feedback to the agency for incorporation into a fiscal impact statement and the industry, trade, or business that such individual represents unless feedback was submitted anonymously by an individual or business, in which case the agency shall notate the anonymous submission;
(2) May include, with each fiscal impact statement, feedback from affected regulatory boards;
(3) Shall include with each fiscal impact statement any information related to the actual or potential negative fiscal impact of the new or amended rule to an impacted industry, business, or trade shared during a period of public comment, if such information was provided;
(4) Shall not separate one (1) or more proposed new or amended rules for the purpose of segregating the fiscal impact statements with the intent to bypass the monetary caps specified in § 4-5-226(c)(2); and
(5) If a fiscal impact statement exceeds the monetary cap specified in § 4-5-226(c)(2), shall, as soon as practicable, provide written and electronic notice, including the fiscal impact statement, to the governor, the speakers of the senate and house of representatives, and the chairs of the joint government operations committee that the monetary cap for a rule has been exceeded. If notice is provided under this subdivision (c)(5) for an emergency rule, the notice must state that the emergency rule will expire in accordance with the time frames specified in § 4-5-208(f)(1)(B).
(d) Each agency shall compile an annual report aggregating the fiscal impact statements generated for each new or amended rule that affected the regulated community and that went into effect during the immediately preceding year to illustrate the total and cumulative fiscal impact of rules promulgated by each such agency.
(e) Each annual report must be:(1) Filed and published in accordance with this subsection (e) no later than January 31, 2028, and each January 31 thereafter; and(2) Filed with:(A) The speakers of the senate and house of representatives;(B) The secretary of state; and(C) The chairs of the joint government operations committee of the house of representatives and the senate.
(1) Filed and published in accordance with this subsection (e) no later than January 31, 2028, and each January 31 thereafter; and
(2) Filed with:(A) The speakers of the senate and house of representatives;(B) The secretary of state; and(C) The chairs of the joint government operations committee of the house of representatives and the senate.
(A) The speakers of the senate and house of representatives;
(B) The secretary of state; and
(C) The chairs of the joint government operations committee of the house of representatives and the senate.
(f) The secretary of state shall prominently publish on its home page a link to each annual report filed with the secretary of state under subsection (e).
(g) This section:(1) Applies to agencies whose rules must be approved by the general assembly; and(2) Does not apply to rules that are:(A) Adopted as required pursuant to a federal law or regulation, including rules necessary to maintain federal requirements or where failure would risk federal financial participation; or(B) Related to the increase or decrease of professional and occupational licensure fees by a professional or occupational regulatory body or board, to the increase or decrease of facility licensure fees, or fees that are required by statute.
(1) Applies to agencies whose rules must be approved by the general assembly; and
(2) Does not apply to rules that are:(A) Adopted as required pursuant to a federal law or regulation, including rules necessary to maintain federal requirements or where failure would risk federal financial participation; or(B) Related to the increase or decrease of professional and occupational licensure fees by a professional or occupational regulatory body or board, to the increase or decrease of facility licensure fees, or fees that are required by statute.
(A) Adopted as required pursuant to a federal law or regulation, including rules necessary to maintain federal requirements or where failure would risk federal financial participation; or
(B) Related to the increase or decrease of professional and occupational licensure fees by a professional or occupational regulatory body or board, to the increase or decrease of facility licensure fees, or fees that are required by statute.