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 Illinois Gov. Bruce Rauner signed a bill into law Aug. 3 that
will provide more protections for Illinois business owners, especially small
business owners, moving forward.
House Bill 5253, sponsored by Rep. Carol Sente, D-Buffalo Grove, requires state
regulatory agencies to examine the potential economic impact that proposed
regulations could have on small businesses. This bill also requires the state to
provide a list of industries that would be affected by the proposed regulation,
and for that list to be made available to the public. It will go into effect
Jan. 1, 2019.
Simply put, bureaucratic government agencies can no longer pile rules and
regulations onto businesses without first considering how they may negatively
affect those businesses. Illinois Policy lobbied in support of this bill.
This is a win for businesses and consumers alike. Small businesses are
disproportionately weighed down by over-burdensome regulations, as it’s more
difficult for them to shoulder compliance costs compared with their larger
competitors. This measure will also help to ensure regulations imposed are truly
in the best interest of consumers and the public.
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Moreover, by requiring a list of
affected industries to be posted publically online, it will give
entrepreneurs a heads up as to what could be coming down the
regulatory pipeline. With this new transparency measure, they would
also receive the ability to respond before the regulation becomes
binding.
This new law builds upon a bill passed by the General Assembly and
signed into law by Rauner in 2017. Senate Bill 867, introduced by
state Sen. Thomas Cullerton, D-Villa Park, reduced certain filing
fees for LLCs, thus reducing the licensing burden on small business.
Both of these bills together provide relief for business owners from
burdensome fees and regulations.
In addition to the obvious protections for businesses, this new law
also signals the future of regulation in Illinois could be smarter
than it is today. The Illinois General Assembly should continue
these efforts by looking at more ways to make Illinois a state that
attracts, rather than repels, business investment.
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