A person or a legislator advocating a legislative proposal pursuant to section 20-181 shall submit a written report explaining the factors prescribed in section 20-182 to the joint legislative audit committee established by section 41-1279. The report must be submitted on or before September 1 before the start of the legislative session for which the legislation is proposed. The joint legislative audit committee shall assign the written report to the appropriate legislative committee of reference established pursuant to section 41-2954. The legislative committee of reference shall hold at least one hearing and take public testimony after receiving the report. The legislative committee of reference shall study the written report and deliver a report of its recommendations to the joint legislative audit committee, the speaker of the house of representatives, the president of the senate, the governor and the director of the department of insurance and financial institutions on or before December 1 of the year in which the report is submitted.