(a)  Notwithstanding any general or public law to the contrary, prior to the adoption of any proposed regulation on and after January 1, 2010, each agency shall prepare a regulatory flexibility analysis in which the agency shall, where consistent with health, safety, environmental, and economic welfare consider utilizing regulatory methods that will accomplish the objectives of applicable statutes while minimizing adverse impact on small businesses. The agency shall consider, without limitation, each of the following methods of reducing the impact of the proposed regulation on small businesses:

(1)  The establishment of less stringent compliance or reporting requirements for small businesses;

(2)  The establishment of less stringent schedules or deadlines for compliance or reporting requirements for small businesses;

(3)  The consolidation or simplification of compliance or reporting requirements for small businesses;

(4)  The establishment of performance standards for small businesses to replace design or operational standards required in the proposed regulation; and

(5)  The exemption of small businesses from all or any part of the requirements contained in the proposed regulation.

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(b)  Prior to the adoption of any proposed regulation that may have an adverse impact on small businesses each agency shall notify the office of regulatory reform of its intent to adopt the proposed regulation. The office of regulatory reform shall advise and assist agencies in complying with the provisions of this section.