SB318 Summary

• Creates the "Regulations from the Executive in Need of Scrutiny (REINS) Act of 2025" to establish new requirements for state agencies proposing major rules with implementation and compliance costs exceeding $1,000,000 over five years.

• Requires agencies proposing major rules to submit comprehensive economic impact analyses addressing costs, benefits, federal mandate compliance, and measures to minimize economic impact on businesses, local governments, and individuals.

• Establishes a Legislative Economic Analysis Unit (LEAU) within the Legislative Office of Fiscal Transparency with up to five full-time employees to independently review major rules within 21 days and report findings to legislative committees.

• Mandates that major rules cannot take effect unless specifically approved by the Legislature through a joint resolution receiving a constitutional majority in each chamber.

• Requires agencies to consult with counties, municipalities, school boards, and affected businesses when preparing economic impact analyses for rules affecting their revenue or imposing new functions; effective date November 1, 2025.