PROVIDENCE – Gov. Lincoln D. Chafee has signed legislation that will require a cost-benefit analysis and periodic review of all regulations governing or impacting small businesses.
The legislation, introduced by Rep. Patricia A. Serpa, D-West Warwick, requires affected agencies to review 25 percent of their regulations each year for four years until all existing regulations have been evaluated for any adverse impacts on small businesses and economic-impact statements have been prepared, with the exception of emergency regulations.
The law excludes certain entities from the definition of “small business,” including financial institutions, insurance companies, mineral, oil and gas brokers, subdividers, developers, landscape architectural firms, nonprofit institutions, businesses offering entertainment activities and productions and utilities companies. It also shifts oversight of proposed small-business regulation from the R.I. Economic Development Corporation to the R.I. Office of Management and Budget. •