In COMAR, how is "economic impact" assessed for regulations?

In COMAR, "economic impact" is assessed primarily through a fiscal note that outlines the anticipated financial effects of a regulation. The fiscal note acts as a formal document that provides an estimate of the costs and benefits associated with the proposed regulation. This includes analyzing how the regulation will affect different stakeholders, such as individuals, businesses, and government entities.

The fiscal note typically involves evaluating direct costs associated with compliance, potential administrative expenses, and any economic benefits that may arise from the regulation. It ensures that decision-makers are equipped with comprehensive financial data before a regulation is finalized, promoting transparency and informed policymaking.

Other methods like public opinion polls, consulting businesses, or utilizing historical economic data may provide additional insights or context but do not serve as the primary mechanism for the formal assessment of economic impact as outlined in the regulatory process. The reliance on fiscal notes ensures that there is a standardized and systematic approach to understanding the economic implications of regulations in Maryland.