SB3493 - Regulatory Review and Repeal Board Act

• Establishes the Regulatory Review and Repeal Board as a not-for-profit corporation with 8 board members appointed by legislative leadership (2 each from Senate President, Senate Minority Leader, House Speaker, and House Minority Leader).

• Directs the Board to identify regulations where compliance costs exceed public benefits, as well as regulations that are conflicting, contradictory, or unduly burdensome, and recommend repeal, modification, or revision to originating bodies.

• Requires the Board to create a public online comment system accessible through the Illinois General Assembly website and track actions taken on its recommendations, reporting annually to the Joint Committee on Legislative Support Services beginning February 1, 2016.

• Authorizes the Board to accept gifts and grants from federal, state, and private sources, with funds held in a special trust fund (Regulatory Review and Repeal Board Fund) outside the State Treasury and exempt from Public Funds Investment Act restrictions.

• Requires the Joint Committee on Administrative Rules, Legislative Information System, Legislative Reference Bureau, and Legislative Research Unit to provide technical support to the Board as directed by the Joint Committee on Legislative Support Services; effective July 1, 2015.