HB8 Summary

• Sets a $1 million threshold for proposed rules' economic impact; rules exceeding this amount require either a joint resolution of approval by the Legislature or committee-approved modifications to reduce costs below the threshold.

• Requires the Legislative Services Agency, Fiscal Division to analyze the accuracy and veracity of fiscal notes for any proposed rule with estimated costs of $750,000 or more within 21 days of rule certification.

• Allows any member of the Legislature or the Joint Committee on Administrative Regulation Review to request that an agency prepare and submit a Business Economic Impact Statement without prior business notification.

• Expands the Red Tape Reduction Act requirements by clarifying agency notice procedures, public posting of proposed rules, and the contents of required fiscal notes and economic impact statements.

• Requires agencies to certify completion of rule reviews every five years or be prohibited from adopting new rules during that five-year period.