(1) No later than 60 calendar days after the date of an election in which the voters approve an initiative, the Office of the Legislative Fiscal Analyst shall: (a) for each initiative approved by the voters, prepare a final fiscal impact statement, using current financial information and containing the information required by Subsection 20A-7-202.5(2); and (b) deliver a copy of the final fiscal impact statement to: (i) the president of the Senate; (ii) the minority leader of the Senate; (iii) the speaker of the House of Representatives; (iv) the minority leader of the House of Representatives; and (v) the first five sponsors listed on the initiative application. (2) If the final fiscal impact statement exceeds the estimate in the initial fiscal impact statement by 25% or more, the Legislature shall review the final fiscal impact statement and may, in any legislative session following the election in which the voters approve the initiative: (a) repeal the law established by passage of the initiative; (b) amend the law established by passage of the initiative; or (c) pass a joint or concurrent resolution informing the voters that they may file an initiative petition to repeal the law enacted by passage of the initiative.
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