MS SB2824

Establishes the "Mississippi Small Business Regulatory Flexibility Act" to reduce regulatory burdens on small businesses defined as entities with fewer than 100 full-time employees or less than $5,000,000 in annual gross sales or revenues.

Creates a 13-member Small Business Regulatory Review Committee appointed by the Governor (5 members), Lieutenant Governor (4 members), and Speaker of the House (4 members), with members selected from small business owners and industry organizations, effective July 1, 2011.

Requires state agencies to prepare economic impact statements for proposed permanent rules analyzing effects on small businesses and identifying alternative regulatory approaches with less burden, such as reduced compliance requirements, extended deadlines, or exemptions.

Authorizes the committee to review proposed rules with adverse economic impacts on small businesses and submit written petitions to agencies requesting amendment, revision, or revocation of existing regulations that significantly harm small business.

Permits state agencies to waive or reduce administrative penalties or fines for small business violations corrected within 30 days or resulting from excusable misunderstandings, unless violations involve prior noncompliance, willful conduct, criminal activity, or serious health and safety impacts.