Senate committee substitute to the 2nd edition makes the following changes. Makes conforming changes to act’s titles. Makes organizational changes. Deletes changes to GS 150B-34 (final decision or order under the APA); and GS 150B-51 (APA scope and standard of review).  

Amends GS 150B-21.3 (pertaining to the effective date of rules under the APA), as follows. Requires that any permanent rule that would have an aggregate financial cost on all persons affected of at least $20 million as calculated under law in a five-year period can only become effective if the NCGA ratifies a bill approving the rule with the rule becoming effective in accordance with the described timetable. Exempts rules promulgated to comply with federal law, as specified. Makes organizational and conforming changes.

Changes the timeframe for a proposed permanent rule to have a substantial economic impact under GS 150B-21.4 so that it applies when that rule would have an aggregate economic impact of at least $1 million in a five-year period (was, 12-month period). Removes provisions requiring an agency to consider an estimate of the combined cost of the baseline conditions and the proposed rule, including direct costs as well as opportunity costs, as described, in determining the substantial economic impact of a proposed rule.

Creates new GS 150B-19.4 (Limitation on rules with substantial financial costs), which requires any board/commission or other similar unit of government that proposes a rule with a financial cost of more than $1,000,000 to all affected persons during a five-year period to adopt the permanent rule by at least a 2/3rds vote of the board/commission members present and voting. If the proposed rule has a cost of more than $10,000,000 to all affected persons during the five-year period, then the board/commission must adopt the permanent rule by unanimous vote of the members present and voting, unless the rule is required to comply with federal law, in which case the vote must be at least 2/3rds. Applies to all rules under GS Chapter 150B, Article 2A, including periodic review and re-adoption. Clarifies that the aggregate financial cost required under the statute is the amount calculated in a substantial economic impact analysis under GS 150B-21.4, not including benefits.

Makes conforming changes to effective date.