The bill establishes a regulatory relief division within the Common Sense Initiative Office and creates a universal regulatory sandbox program in Ohio, allowing individuals and businesses to test innovative products or services without the usual licensing requirements. The regulatory relief division will serve as a liaison between businesses and state agencies, identifying laws and regulations that can be waived to support new ventures. An advisory committee will be formed to guide the sandbox program, consisting of representatives from various business interests and state agencies, and will be responsible for advising the division and reporting on the program's impact.

The bill outlines a structured application process for participants in the sandbox, including requirements for disclosure and consumer information. It allows for a demonstration period of up to five years, with the possibility of extensions, and mandates that participants maintain records and report incidents that could harm consumers. Additionally, the regulatory relief division will create a publicly accessible webpage for suggestions on reducing regulatory burdens, ensuring the protection of private information while analyzing and recommending changes to state laws. Overall, the bill aims to foster innovation while maintaining consumer protection and regulatory oversight.