Section 5A: Review of rules and regulations regarding economic impact on small businesses

176 words·~1 min read·/ma/part-i/title-iii/chapter-30a/5a

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 5A. Rules and regulations shall be reviewed at least once every 12 years after their publication as the final rules or regulations to ensure that those rules and regulations minimize economic impact on small businesses in a manner consistent with the stated objectives of applicable statutes.

In reviewing a rule or regulation to minimize economic impact of the rule or regulation on small businesses, the agency shall file a small business impact statement which considers the following factors:

(1)the continuing need for the rule or regulation;

(2)the nature of complaints or comments received concerning the rule or regulation from the public;

(3)the complexity of the rule or regulation;

(4)the extent to which the rule or regulation overlaps, duplicates or conflicts with other federal, state and local governmental rules and regulations;

(5)the length of time since the rule or regulation has been enacted, changed, amended or modified; and

(6)the degree to which technology, economic conditions or other factors have changed in the subject areas affected by the rule or regulation.