DE HB392

Requires agencies to include regulatory flexibility analysis and economic impact statement with notice of proposed regulations filed with the Registrar for publication in the Register of Regulations.

Creates new Economic Impact Statement requirement for regulations with adverse impacts on small businesses, including identification of affected businesses, compliance costs, and less-costly alternative methods.

Establishes mandatory periodic review of existing regulations by executive branch agencies, with initial review of all pre-enactment regulations required within 4 years and subsequent 5-year reviews for newly adopted regulations, focusing on minimizing economic impact on small businesses.

Requires agencies conducting regulatory reviews to hold at least one public hearing in each county, accept public input through multiple methods including online submissions, and submit a report to General Assembly within 12 months detailing eliminated or modified regulations.

Directs the Registrar of Regulations, Department of State, and Office of Management and Budget to develop guidelines by November 15, 2015 to assist agencies in preparing regulatory flexibility analyses and economic impact statements.