RI H7449

Amends Rhode Island's Small Business Regulatory Fairness law to require that economic impact statements include a finding that compliance costs scale proportionally with business size and do not impose fixed costs that larger businesses can absorb more easily than small businesses.

Agencies must submit proposed regulations to the governor's office and office of regulatory reform at least 15 days before formal rulemaking begins, with assistance and oversight from the office of regulatory reform.

Economic impact statements must identify the number of affected small businesses, projected compliance costs, required professional skills, effects on small businesses, and less costly alternative methods to achieve regulatory goals.

Excludes public utilities regulated by the public utilities commission, regulated financial institutions, broker-dealers, and insurance companies from these requirements.

Takes effect upon passage.