Senate Bill 617 (Chapter 496, Statutes of 2011) established additional regulatory impact assessment standards for major regulations. A state agency must conduct a Standardized Regulatory Impact Assessment (SRIA) when it estimates that a proposed regulation has an economic impact exceeding $50 million. The Department of Finance has adopted regulations for state agencies to follow when conducting a SRIA for major regulations. The Department of Finance is required to review the completed SRIA submitted by agencies and provide comment(s) to the agency on the extent to which the assessment adheres to the regulations adopted by the Department of Finance.
