NC S705

Changes the threshold for "substantial economic impact" requiring fiscal notes from $1 million over 12 months to $1 million over a five-year period

Requires boards, commissions, and councils to pass rules with projected costs of $1 million or more (over any five-year period) by at least a two-thirds vote of members present

Requires unanimous vote for rules with projected costs of $10 million or more over any five-year period, unless the rule is required by federal law (which still requires two-thirds vote)

Applies to all rules under the Administrative Procedure Act, including rules undergoing periodic review and readoption

"Aggregate financial cost" is defined as total costs to all affected persons identified in economic impact analysis, excluding benefits