For all proposed permanent rules, the agency seeking to promulgate the rule shall, prior to proceeding under § 1-26-4 , prepare a regulatory impact analysis. The regulatory impact analysis must contain: (1) A statement of whether the proposed permanent rule is a major rule; (2) A statement detailing the need for the rule; (3) The legal basis for the rule; (4) An examination of alternative options; (5) A cost-benefit evaluation that contains the proposed rule's: (a) Estimated primary or direct benefits; (b) Estimated cost savings or financial benefits to businesses, individuals, other nongovernmental entities, and units of local government; (c) Estimated compliance costs for businesses, individuals, other nongovernmental entities, and units of local government; (d) Estimated secondary or indirect costs for businesses, individuals, other nongovernmental entities, and units of local government; (e) Estimated opportunity cost. The analysis must identify the opportunity cost of compliance as a result of the removal of private capital from the market; and (f) Impact on small business, with an identification of the type and the estimation of the number of small businesses subject to the proposed rule, and projected reporting and recordkeeping required for compliance with the proposed rule; (6) Sources consulted; and (7) Key assumptions and sources of uncertainty. The chief officer of the agency shall sign the analysis upon verifying its contents. For purposes of this section, "small business" means a nongovernmental entity that employs twenty-five or fewer full-time employees.
‹ Prev All South Dakota sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.