(1)  A council is to prepare a regulatory impact statement in respect of any by-law it intends to make.

(1A)  Subsection (1) does not apply to any by-law –

(a) the whole purpose of which is to repeal another by-law; or

(b) that is an amendment to an existing by-law that –

(i) is of a minor and technical nature; or

(ii) does not significantly alter the purpose or effect of the existing by-law; or

(iii) does not significantly alter the impact on the public of the existing by-law.

(2)  A regulatory impact statement is to include the following:

(a) the objectives of the by-law and the means by which the by-law is intended to achieve them;

(b) the nature of any restriction on competition;

(c) an assessment of the costs and benefits of –

(i) any restriction on competition; or

(ii) any impact on the conduct of business;

(d) any alternative option considered by the council;

(e) an assessment of the greatest net benefit or least net cost to the community;

(f) an assessment of the direct and indirect economic, social and environmental impact of the by-law;

(g) details of the proposed public consultation process.

(3)  If a council assesses that a proposed by-law is unlikely to impact on business or restrict competition, it is to state in the regulatory impact statement the reasons for that assessment.

(4)  If a council assesses that a proposed by-law is likely to impact on business or restrict competition, it is to state in the regulatory impact statement whether or not the benefits of the impact or restriction outweigh the costs.

(5)  A council is to submit the regulatory impact statement to the Director.

(5A)  A council may only submit to the Director a regulatory impact statement in relation to a proposed by-law if a motion of intention to make the proposed by-law has been passed by the council under section 156(1) .

(6)  On receipt of the regulatory impact statement, if satisfied as to the statement, the Director is to issue to the council a certificate –

(a) certifying that the statement is satisfactory; and

(b) stating that the council may commence the public consultation process.