Requires State agencies to periodically review administrative rules and regulations to ensure continued efficacy.

This New Jersey bill requires state agencies to review administrative rules every seven years to determine if they remain effective and if their benefits outweigh implementation costs. Agencies must conduct these reviews before renewing expiring rules and report findings to the Governor and Legislature. The bill also mandates regulatory impact analyses for proposed new rules, considering socio-economic effects and other impacts. This creates a formal process for evaluating existing rules, which currently expire after seven years without such review.