(a) Any agency that proposes to adopt or amend any regulation under the Administrative Procedures Act, § 10101 et seq. of this title, that is substantially likely to impose additional costs or burdens upon individuals and/or small businesses shall submit a regulatory impact statement to be published by the Registrar of Regulations as part of the notice requirements set forth in § 10115 of this title. Each regulatory impact statement shall include: (1) A specific reference to the statutory provision which allows for the adoption or amendment of the rule or regulation and the statutory provisions which address the subject matter of the rule or regulation; (2) A description of the purpose of the regulation; (3) An identification of the individuals and/or small businesses that would be subject to compliance under the regulation; (4) A good-faith estimate by the agency of the potential cost of compliance for individuals and/or small businesses, which at minimum shall include the projected reporting, recordkeeping, and other administrative costs required to comply with the proposed regulation; and (5) A description of any less intrusive or less costly alternative methods of achieving the purpose of the proposed regulation, to the extent such methods are not otherwise described herein. (b) The following regulations are exempt from this section: (1) Regulations that are not substantially likely to impose additional costs or burdens upon individuals and/or small businesses; provided, however, that any agency making such a determination shall include a statement to that effect as part of the notice requirements set forth in § 10115 of this title; (2) Emergency regulations adopted pursuant to § 10119 of this title; (3) Regulations that are exempt from the procedural requirements of the Administrative Procedures Act, § 10101 et seq. of this title, pursuant to § 10113(b) of this title; (4) Regulations that define standards of conduct or qualifications of individuals applying for licensure or as licensed professionals; (5) Regulations that are required by federal law and have already complied with the federal Regulatory Flexibility Act [5 U.S.C.
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