DE HB54

Requires state agencies to prepare a regulatory flexibility analysis and economic impact statement before proposing new regulations, considering methods to minimize adverse impacts on small businesses such as less stringent compliance requirements, simplified schedules, or exemptions.

Mandates that agencies review all existing regulations within four years of enactment and subsequently every five years to determine whether regulations should be readopted, amended, or repealed to minimize economic impact on small businesses while achieving statutory objectives.

Directs the Registrar of Regulations, Department of State, and Office of Management and Budget to develop and publish guidelines for agencies to use when preparing regulatory flexibility analyses and economic impact statements, with exemptions for emergency regulations, employment/labor laws, and professional licensing standards.

Allows small businesses adversely affected by final agency action to seek judicial review of regulations and extends the period for judicial review from 30 days to 60 days under the Administrative Procedure Act.

Requires agencies to publish the regulatory flexibility analysis and economic impact statement when providing notice of proposed regulations, with the act becoming effective February 1, 2012.