HB3 Summary

• Sets a $1 million threshold on proposed rule implementation and compliance costs; rules exceeding this amount cannot take effect without legislative joint resolution approval or committee-approved cost reduction modifications.

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

• Allows any member of the Legislature or joint committee to request that agencies prepare and submit Business Impact Analysis through majority vote, without requiring initial business notification.

• Modifies the "Red Tape Reduction Act" to expand options for cost reduction, including less stringent compliance requirements, extended deadlines, consolidated reporting, and performance-based standards for businesses, governmental entities, and individuals.

• Becomes effective the first day of the third month following passage and gubernatorial approval.