CA AB1504

Requires state agencies to complete an economic assessment 90 days before submitting a notice of proposed action to the Office of Administrative Law, subject to public comment.

Lowers the threshold for "major regulations" from $50,000,000 to $25,000,000 in economic impact, effective November 1, 2013.

Requires major regulations to include analysis of cost-effective alternatives that meet the statutory purpose and demonstrate the proposed regulation is the most cost-effective approach.

Mandates standardized regulatory impact assessments for major regulations include specific analyses covering job creation, business impacts, investment incentives, innovation effects, and environmental/health benefits.

Requires agencies to engage regulated and interested parties in developing alternatives and address all public comments received during the economic assessment comment period.