MS SB2398

Establishes the Mississippi Small Business Regulatory Flexibility Act and creates a 12-member Small Business Regulatory Review Committee appointed by the Governor, Lieutenant Governor, and Speaker of the House to review proposed rules affecting small businesses (defined as entities with fewer than 100 employees or less than $10 million in annual revenue).

Requires state agencies to prepare economic impact statements before proposing permanent rules, including identification of affected small businesses, compliance costs, and analysis of less intrusive regulatory alternatives.

Directs agencies to submit proposed rules with potential economic effects on small businesses to the committee for review and comment; allows the committee to petition agencies to amend, revise, or revoke existing regulations based on small business impact.

Authorizes state agencies to waive or reduce administrative penalties for small businesses that correct violations within 30 days, result from misunderstanding of agency rules, or demonstrate good-faith compliance efforts (exceptions: criminal conduct, serious health/safety/environmental impacts, and federally mandated penalties).

Sunsets the act on July 1, 2016, while amending permanent administrative procedures law to require full text of economic impact statements be filed with the Secretary of State for publication.