§ 25-15-303 - Economic impact statement. - Arkansas Statutes

25-15-303. Economic impact statement.

(a) An agency required to prepare an economic impact statement under 25-15-302(c) shall comply with this section.

(b) The agency shall prepare an economic impact statement that sets forth the following:

(1) The type or types of small businesses that will be directly affected by the proposed rule, bear the cost of the proposed rule, or directly benefit from the proposed rule;

(2) A description of how small businesses will be adversely affected;

(3) A reasonable determination of the dollar amounts the proposed rule will cost small businesses in terms of fees, administrative penalties, reporting, recordkeeping, equipment, construction, labor, professional services, revenue loss, or other costs associated with compliance;

(4) A reasonable determination of the dollar amounts of the costs to the agency of implementing the proposed rule, as well as the financial benefit to the agency of implementing the rule;

(5) Whether and to what extent alternative means exist for accomplishing the objectives of the proposed rule that might be less burdensome to small businesses and why such alternatives are not being proposed; and

(6) A comparison of the proposed rule with federal and state counterparts.

(c) The agency shall submit the economic impact statement and the proposed rule to the Director of the Arkansas Economic Development Commission.

(d) (1) Within ten business (10) days of the receipt of the economic impact statement and the proposed rule, the director shall provide detailed information in writing to the agency regarding whether, in the reasoned opinion of the director, the agency has satisfactorily completed the economic impact statement and whether the agency has taken sufficient measures to balance the objectives of the proposed rule with the interests of the affected small businesses.

(2) (A) (i) In performing these duties, the director may elicit views and information from, and shall serve as the point of contact for, small business organizations and associations, state and federal agencies, and other parties who have comments, objections, or opinions concerning the proposed rule.

(ii) The director shall send the proposed rules to the members of the Regulatory Review Committee in any manner he or she considers reasonable and may set a deadline for the receipt of responses from members of the committee.

(B) If appropriate, the director shall convey these communications to the agency.

(3) In addition to commenting upon a proposed rule, the director may review existing rules and make recommendations to agencies to amend rules that may have an unduly negative impact on small businesses.

(e) (1) Upon receiving from the director the information described in this section, the agency shall promptly consider the information.

(2) (A) If the agency determines that no action shall be taken in response to the information received from the director, the agency may respond in writing to the director and explain its reasons for this determination.

(B) If the agency determines that amendment of a proposed rule or adoption, amendment, or repeal of an existing rule is warranted, the agency shall indicate this in its response.

(3) Upon completing the requirements of subdivision (e)(2) of this section, the agency may initiate the process for the adoption of a rule.