SB 121 Summary

• Prohibits state agencies from adopting rules after July 1, 2013 that have any estimated economic impact on the state, state instrumentalities, or political subdivisions unless required by court order, federal law, federal regulation, or federal grant/loan terms.

• Requires agencies proposing rules with total estimated economic impact exceeding $500,000 on regulated persons or any amount on the state/instrumentalities/political subdivisions to submit rules to the office of management and budget at least 50 days before public hearing.

• Mandates the office of management and budget prepare a fiscal impact statement within 45 days assessing effects on the state, affected instrumentalities, political subdivisions, and regulated persons, including determination of unfunded mandates.

• Adds "political subdivision" to the definition of entities affected by proposed rules and clarifies "total estimated economic impact" includes annual fiscal impacts on state administrative costs, instrumentality costs, and political subdivision costs after full implementation.

• Declares an emergency for the act's effective date upon passage.