SB77 Summary

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

• Requires agencies to prepare and file a small business economic impact statement before adopting any rule with an adverse impact on small businesses, including identification of affected businesses, compliance costs, probable effects, and less costly alternatives.

• Mandates agencies prepare a small business regulatory flexibility analysis considering methods to minimize impact on small businesses, such as less stringent compliance requirements, extended deadlines, simplified reporting, performance standards, or exemptions.

• Allows adversely affected small businesses to seek judicial review of agency compliance with these requirements within one year of final agency action, with documents filed with the Legislative Reference Service and available for public inspection.

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