The bill proposes the establishment of a regulatory relief division within the Common Sense Initiative Office and the creation of a universal regulatory sandbox program in Ohio. This program will enable businesses to test innovative products or services without the need for certain licenses or authorizations typically required. The regulatory relief division will serve as a liaison between businesses and state agencies, identifying laws and regulations that could be waived or suspended to support new companies. An advisory committee will be formed to provide recommendations to the division, consisting of members from various business interests, state agencies, and legislative representatives. The bill also mandates annual reports from the Common Sense Initiative Office detailing the division's activities, participant information, recommended legal changes, and the program's impact on consumers.

Additionally, the bill outlines the framework for the universal regulatory sandbox, allowing businesses to apply for temporary waivers of specific laws to test their offerings. The regulatory relief division is required to keep applications confidential and consult with relevant agencies, which must provide a report on potential consumer harm and recommendations within thirty business days. Participants in the sandbox must disclose information about their offerings and associated risks, and the division can terminate participation if good faith is not maintained. The bill also introduces provisions for record-keeping, notification of operational changes, and quarterly reporting requirements. Furthermore, it mandates the creation of a publicly accessible webpage for gathering suggestions on regulatory modifications, ensuring that private information remains confidential while allowing the division to evaluate and recommend changes that balance regulatory relief with consumer protection.