IN SB0471

Prohibits administrative agencies from adopting rules that increase administrative costs for the state, state instrumentalities, or political subdivisions unless required by federal law, federal regulation, court order, or federal grant/loan terms.

Requires agencies to submit proposed rules with estimated fiscal impact to the Office of Management and Budget at least 50 days before public hearing if the rule has total estimated economic impact over $500,000 or any estimated administrative cost impact.

Mandates the Office of Management and Budget to prepare fiscal impact statements within 45 days analyzing effects on the state, political subdivisions, and regulated persons, including estimates of administrative cost impacts.

Requires fiscal impact statements to be public documents made available to interested parties, which agencies must consider during the rulemaking process.

Declares an emergency for the act to take effect upon passage.