Ministry of Finance Standard Regulatory Impact Assessment Regulations

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There are 27 titles of the California Code of Regulations, which contain the thousands of regulations in force in the State of California. In Title 1, “General Provisions”, Division 3, there are regulations for the Department of Finance. Here’s a look at The Division 3:

Division 3 Ministry of Finance

Chapter 1 Standardized Regulatory Impact Assessment for Major Regulations – 5 Sections

Section 3 contains one chapter and Chapter 1 contains five regulatory articles. Here are the sections of Chapter 1.

§ 2000. Definitions.

§ 2001. Notification; Public contribution.

§ 2002. Standardized Regulatory Impact Assessment.

§ 2003. Methodology for making estimates.

§ 2004. Failure to comply with the requirements of this chapter.

Section 3 contains one chapter and Chapter 1 contains five regulatory articles. Section 2000 contains the following ten definitions: Agency; as estimated by the agency; coded; department; Economic impact; GO-Biz; major regulation; notice of proposed action; OAL; and SRIA.

Section 2001 deals with public notification and input and requires an agency that plans to enact major regulation to provide the Department of Finance (DOF), no later than February 1 of each calendar year, with a list of all the major regulations it plans to offer throughout this calendar year. The information must be provided on a form prescribed by the DOF and contain specified information. If an agency makes a decision after February 1, it must submit the information no later than 60 days before filing a Notice of Proposed Action with the OAL.

The agency is required to seek public comment regarding alternatives from those who would be subject to or affected by the regulations (including other state agencies and local agencies, as appropriate) before filing a Notice of Action. proposed to the OAL, unless the agency is required to implement federal laws and regulations that the agency has little or no discretion to change. An agency should document and include in the SRIA the methods by which it solicits public input.

Section 2002 addresses standardized regulatory impact assessment and requires an agency planning to enact major regulation to submit its completed SRIA to the DOF within specified timeframes. It also specified all the information that the SRIA should include, along with a description and explanation of the items specified. Including sufficient documentation to substantiate compliance with legal requirements. And, within ten days of receiving an SRIA, the DOF must post a copy on its website.

Section 2003 deals with estimation methodology and requires an organization to use an economic impact method and approach that has specified capabilities. Economic and demographic projects, costs and benefits and other information should be used. The agency should also compare the regulatory alternatives with a benchmark that reflects the anticipated behavior of individuals and businesses in the absence of the proposed major regulation and should identify the benchmark it used.

In addition, an agency should compare the proposed regulatory alternatives with an established baseline and consider the specified information in its analysis. An agency is required to describe the analytical methods applied and the data sources used as well as the results of this analysis.

Section 2004 addresses non-compliance with the requirements of this chapter and provides that where an agency fails to comply in whole or in part with this chapter, the DOF shall identify in its comments the area or areas where the agency is out of compliance.

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