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HB 2543

Requiring economic impact statements for certain legislative rules

2025 Regular Session Introduced by J.B. Akers and 9 co-sponsors

HB 2543 - Requiring Economic Impact Statements for Certain Legislative Rules OverviewBill Number: HB 2543 Title: Requiring Economic Impact Statements for Certain Legislative Rules

To House Finance
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Bill Summary · HB 2543

HB 2543 - Requiring Economic Impact Statements for Certain Legislative Rules

Overview

Bill Number: HB 2543
Title: Requiring Economic Impact Statements for Certain Legislative Rules
Status: To House Finance
Introduced: February 06, 2025

Purpose and Intent

The primary purpose of HB 2543 is to require state agencies to prepare detailed economic impact statements before adopting certain types of legislative rules. The bill aims to increase transparency and accountability in the rulemaking process by ensuring that the potential economic effects of new regulations are thoroughly analyzed and disclosed to the public.

Key Provisions

  • Requires state agencies to prepare an economic impact statement for any proposed rule that is likely to have an annual economic impact of $1 million or more
  • Specifies that the economic impact statement must include:
    • An estimate of the number of businesses affected by the rule
    • An estimate of the total annual compliance costs for affected businesses
    • An analysis of the rule's impact on consumer prices
    • An assessment of the rule's effect on state and local government revenues and expenditures
  • Mandates that the economic impact statement be published and made available for public comment alongside the proposed rule
  • Allows the state legislature to reject a rule if the economic impact statement is deemed inadequate or inaccurate

Affected Parties and Impacts

HB 2543 would primarily impact state regulatory agencies that are responsible for developing and adopting legislative rules. These agencies would be required to dedicate additional time and resources to preparing comprehensive economic impact statements for certain rules.

Businesses and consumers could also be affected, as the increased transparency around the economic impacts of new regulations may influence the rulemaking process and lead to changes that affect the cost of compliance or the prices of goods and services.

Procedural and Timeline Considerations

HB 2543 has been introduced in the state legislature and is currently under consideration by the House Finance Committee. If passed, the bill would take effect immediately and apply to all proposed rules submitted for legislative review after the effective date.

Compiled from official sources — confirm details with the bill’s official record.

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