In this section the following words have the meanings indicated. “Committee” means the Joint Committee on Administrative, Executive, and Legislative Review. “Economic impact analysis” means an estimate of the cost or the economic benefit to small businesses that may be affected by a regulation proposed by an agency pursuant to Title 10, Subtitle 1 of this article. “Economic impact analysis rating” means an estimate that a proposed regulation will have: minimal or no economic impact on small businesses; or meaningful economic impact on small businesses. “Small business” means a corporation, partnership, sole proprietorship, or other business entity, including its affiliates, that: is independently owned and operated; is not dominant in its field; and employs 50 or fewer full-time employees. An economic impact analysis rating and an economic impact analysis, as appropriate, shall be prepared by the appropriate Executive Branch agency for each regulation that the agency proposes for adoption pursuant to Title 10, Subtitle 1 of this article. A copy of the economic impact analysis rating and the economic impact analysis required under this subsection shall be submitted by the appropriate agency: to the Department of Legislative Services no later than the time the agency submits the regulation to the Committee to allow the Department to comment on the economic impact analysis rating and the economic impact analysis; and to the Committee at the time the agency submits the regulation to the Committee. If the appropriate Executive Branch agency or the Department of Legislative Services determines that a regulation will have minimal or no economic impact on small businesses, the agency or Department shall indicate that determination by a brief written statement. If the appropriate Executive Branch agency or the Department of Legislative Services determines that a regulation will have a meaningful economic impact on small businesses, the agency or Department shall develop a complete written economic impact analysis. If the appropriate Executive Branch agency or the Department determines that a regulation will have a meaningful economic impact on small businesses and is unable to provide a complete written economic impact analysis, the agency or Department shall provide a written explanation of why the agency determined that the regulation will have a meaningful economic impact. The explanation may identify the impact in general terms and need not quantify the specific economic impact. The economic impact analysis rating and the economic impact analysis required under this section shall include: estimates directly relating to the following factors, as appropriate: cost of providing goods and services; effect on the workforce; effect on the cost of housing; efficiency in production and marketing; capital investment, taxation, competition, and economic development; and consumer choice; and a certification stating, after posting the regulation or scope of the regulation as required by § 10–110(d)(3)(vii) of this article, whether the agency has received notice of whether any existing regulation of a comparable nature that is at least as stringent as the proposed regulation has been adopted by a unit of a local government. The Executive Branch agency or the Department of Legislative Services preparing the economic impact analysis rating and the economic impact analysis required under this section shall consult with, as appropriate: other units of State government; units of local government; and business, trade, consumer, labor, and other groups impacted by or having an interest in the regulation. On request of the Executive Director of the Department of Legislative Services, a unit of the State or a local government shall provide the Department with assistance or information in the preparation of an economic impact analysis rating and economic impact analysis. If the promulgating unit certifies, after posting the regulation or scope of the regulation as required by § 10–110(d)(3)(vii) of this article, that the unit has received notice of and determined that an existing regulation of a comparable nature that is at least as stringent as the proposed regulation has been adopted by any unit of local government, the unit may include in the unit’s proposed regulation a statement that compliance with the local regulation will constitute compliance with the proposed regulation. The Department of Legislative Services shall: comment on the economic impact analysis rating and economic impact analysis prepared by the appropriate Executive Branch agency; and transmit its comment to the Committee. The Department of Legislative Services shall revise the economic impact analysis rating and economic impact analysis consistent with an amended version of a regulation. The Department of Legislative Services shall keep a copy of each economic impact analysis rating and economic impact analysis for 3 years after preparation of the rating or the analysis. The copies shall be reasonably available for public inspection. Economic impact analysis ratings and economic impact analyses shall be published in the Maryland Register at the same time as: a notice of proposed adoption of a regulation is published in the Maryland Register; or a notice of emergency adoption for a regulation is published in the Maryland Register. The validity of an enactment of a regulation is not affected by the presence, absence, or content of an economic impact analysis rating or an economic impact analysis. The Department of Budget and Management shall enter into an agreement with an appropriate entity to provide training to promulgating Executive Branch agencies on the preparation of the economic impact analyses required under this section. The training required to be provided under paragraph (1) of this subsection shall be provided at least once every 2 years.