If an agency proposes a new rule or an amendment to an existing rule which may have an impact on small businesses, the agency shall consider each of the methods described in this section for reducing the impact of the rule making on small businesses. The agency shall reduce the impact by using one or more of the following methods, if it finds that the methods are legal and feasible in meeting the statutory objectives which are the basis of the proposed rule making:

1. 1. Establish less stringent compliance or reporting requirements in the rule for small businesses.
2. 2. Establish less stringent schedules or deadlines in the rule for compliance or reporting requirements for small businesses.
3. 3. Consolidate or simplify the rule's compliance or reporting requirements for small businesses.
4. 4. Establish performance standards for small businesses to replace design or operational standards in the rule.
5. 5. Exempt small businesses from any or all requirements of the rule.