HB150 Summary

• Defines "small business" as an independently owned and operated entity with fewer than 250 full-time employees or gross annual sales below $25,000,000.

• Requires agencies to prepare and file a small business economic impact statement before adopting rules that may adversely affect small businesses, including identification of affected businesses, compliance costs, probable effects, and less costly alternatives.

• Requires agencies to prepare a small business regulatory flexibility analysis considering less stringent compliance requirements, extended deadlines, simplified reporting, performance standards, or exemptions for small businesses.

• Makes agency compliance with these requirements subject to judicial review, allowing adversely affected small businesses to seek review within one year of final agency action.

• Mandates agencies review all existing rules within four years and newly adopted rules every five years to minimize economic impact on small businesses while maintaining statutory objectives.