Oklahoma § 62-8016 - Economic analysis of proposed major rules

§ 62-8016. Economic analysis of proposed major rules

A. The Legislative Office of Fiscal Transparency (LOFT) shall

provide independent and reliable economic analysis to assist the

Legislature in reviewing proposed administrative rules of state

agencies classified as major rules pursuant to the Administrative

Procedures Act. Unless otherwise approved by the President Pro

Tempore of the Senate and the Speaker of the House of

Representatives, the duties prescribed by this section shall be

accomplished within the existing full-time-employee count of LOFT.

B. 1. Within twenty-one (21) calendar days of receiving a

proposed rule and its supporting documents, LOFT shall analyze

whether the proposing agency has complied with the requirements of

Section 303 of Title 75 of the Oklahoma Statutes. LOFT shall assess

whether the proposed rule could result in implementation and

compliance costs of more than One Million Dollars ($1,000,000.00)

over the initial five-year period after implementation.

2. The reporting requirements of this section shall not be

construed to prevent the approval and promulgation of emergency

rules pursuant to Section 253 of Title 75 of the Oklahoma Statutes.

C. 1. LOFT shall furnish a report on each major rule to the

chairs of the committees designated by the President Pro Tempore of

Oklahoma Statutes - Title 62. Public Finance

the Senate and the Speaker of the House of Representatives by the

end of the twenty-first calendar day after its submission.

2. LOFT shall inform the chairs of the designated committees if

the rule impact statement from the agency is incomplete or contains

substantive inaccuracies.

D. If a chair of a committee designated under subsection C of

this section reasonably believes that the provisions of a proposed

nonmajor rule may constitute designation as a major rule, the chair

may request that LOFT analyze the rule pursuant to the provisions of

this section.

E. State agencies shall cooperate fully with LOFT and the

Legislature in providing data, documentation, and analysis required

under this act.

F. LOFT shall make all analyses and determinations publicly

available on its website upon completion.

G. An annual report summarizing the year’s evaluations and

findings shall be submitted electronically to the Governor, the

President Pro Tempore of the Senate, and the Speaker of the House of

Representatives and shall be published on LOFT’s website. Within

the annual report, LOFT shall quantify the impact of its work,

including reductions in regulations, cost savings, and other

measurable benefits to the economy.

Added by Laws 2025, c. 258, § 3, eff. July 1, 2025.