Small Business Regulatory Fairness Board created

SPRINGFIELD - Gov. Bob Holden signed into law late June a bill that establishes the Small Business Regulatory Fairness Board. This board will work with agencies and small businesses on issues concerning the impact of agency rules and regulation on small businesses.

"Small businesses in Missouri play a vital role in the continuing development in our stable and diverse economy," Holden said. "They should not be over-burdened with regulations."

The bill, House Bill 978, requires state agencies to determine whether proposed rules affect small businesses before submitting or filing proposed rules with the Secretary of State's office. The agency must prepare an impact statement to the board if the rule affects small businesses.

The Small Business Regulatory Fairness Board will open dialogue with small businesses about proposed rules and then provide recommendations to state agencies.

In addition, an agency will be able to waive or reduce administrative penalties or fines for small businesses if the condition is corrected quickly, was unintentional or the result of a misunderstanding, or if the small business reports the condition.

Small business is defined as a for-profit enterprise with fewer than 50 full- or part-time employees. All members of the board, except two, must be current or former small business owners or officers.