FISCAL NOTE

House Bill 42 as introduced requires an agency that files notice to adopt or amend any rule to prepare and submit a Business Impact Analysis and fiscal note, when requested by any member of the Legislature or the Joint Committee on Administrative Regulation Review, which could increase the administrative obligations of any such agency. This bill will also increase the administrative obligations of the Legislative Services Agency, Fiscal Division, to conduct fiscal analysis of the accuracy and veracity of agency fiscal notes that exceed $750,000 in implementation and compliance costs.

In addition, this provides that a proposed rule with an agency fiscal note that exceeds $1,000,000 in implementation and compliance costs, or if the Legislative Services Agency, Fiscal Division, determines the economic impact exceeds $1,000,000 in implementation and compliance costs shall not take effect unless the Legislature passes a joint resolution of approval or a modification is approved by the joint committee. This bill could also increase the obligations of the Legislature by an undetermined amount dependent upon the costs associated with any increase in the number of meetings held by the Joint Committee to review and act on business economic impact statements and agency fiscal notes filed pursuant to this act.