Regulatory Fairness Act Law and Legal Definition
Regulatory Fairness Act is a state legislation in the U.S. The Act provides for the reduction of disproportionate impact of state administrative rules on small business. The Act applies to the small business if those businesses economic impact statement includes a brief description of the reporting, record keeping, and other compliance requirements of the proposed rule, and the kinds of professional services that a small business is likely to need in order to comply with such requirements.
The Act analyzes the costs of compliance for businesses such as costs of equipment, supplies, labor, professional services, and increased administrative costs. Other costs include:
1. Cost per employee;
2. Cost per hour of labor; or
3. Cost per one hundred dollars of sale.