License artificial intelligence risk mitigation organizations

1. **ONE-SENTENCE SUMMARY:** This bill establishes a licensing system for organizations that verify the risk mitigation practices of artificial intelligence technologies. 2. **KEY REQUIREMENTS:** - Businesses using AI must ensure their risk mitigation practices are verified by a licensed organization. - Organizations seeking to verify AI risk mitigation must apply for and obtain a license from the state. 3. **DEADLINES:** - The bill is currently in the introduced stage; the effective date will be determined once passed. - Compliance deadlines will be specified after the bill is enacted. 4. **PENALTIES:** - Fines may be imposed on businesses that fail to use licensed verification organizations. - Enforcement mechanisms will include state audits and potential penalties for non-compliance. 5. **SMB IMPACT:** Small businesses using AI technologies will need to budget for verification services to comply with this new licensing requirement, which could increase operational costs. Additionally, they may need to adjust their risk management strategies to align with the new regulations.