The bill establishes a Regulatory Improvement Commission within the Department of State, consisting of nine members appointed by various state leaders, including the Governor and legislative leaders. The commission is designed to operate independently and will focus on evaluating state regulations to recommend modifications, consolidations, or repeals aimed at reducing compliance costs, fostering growth and innovation, and enhancing competitiveness while ensuring public health and safety. Members are required to have significant experience in relevant fields, and the commission will prioritize regulations that disproportionately affect small businesses or impose substantial burdens.

The commission will initiate a public process to gather recommendations on which state regulations to examine, conducting outreach and focus groups to inform its work. It is tasked with reviewing submitted recommendations and identifying regulations for potential changes. A final report detailing findings and recommendations must be submitted to the Governor and Legislature within 365 days of the commission's initial meeting, after which the commission will dissolve 30 days later. The bill emphasizes transparency by requiring public meetings and the publication of the commission's findings.