Each bill filed in a house of the legislature that would create a new state agency or a new advisory committee to a state agency shall be reviewed by the commission. The commission shall review the bill to determine if:
(1) the proposed functions of the agency or committee could be administered by one or more existing state agencies or advisory committees;
(2) the form of regulation, if any, proposed by the bill is the least restrictive form of regulation that will adequately protect the public;
(3) the bill provides for adequate public input regarding any regulatory function proposed by the bill; and
(4) the bill provides for adequate protection against conflicts of interest within the agency or committee.