SMALL BUSINESS REGULATION

Creates the Small Business Regulatory Flexibility Act. Provides that the requirements of this Act are in addition to any requirements of the Illinois Administrative Procedure Act concerning rulemaking by agencies. Provides that if an agency proposes a rule that may affect small businesses, then the agency must consider certain methods for reducing the impact of the rule on small businesses. Provides that the Agency must provide an opportunity for small businesses to participate in the rulemaking process and sets forth methods for doing so. Requires the agency to notify the Director of Commerce and Economic Opportunity and the Small Business Ombudsman if it proposes to adopt, amend, or repeal a rule affecting small businesses. Provides that each agency must, during the 5-year period beginning with January 1, 2005, review the current rules of the agency that were in effect prior to that date and must consider methods of reducing their impact on small business. Effective January 1, 2005.