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 private businesses and state agencies, identifying laws and regulations that could be waived or suspended to support new companies and industries. 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, recommendations for regulatory 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 or suspensions of specific laws and regulations. The regulatory relief division is required to keep applications confidential and consult with relevant agencies, which must review applications and report potential consumer harm within thirty business days. The bill establishes responsibilities for sandbox participants, including consumer disclosure requirements and the possibility of termination for non-compliance. It also introduces provisions for record-keeping, incident reporting, and quarterly reporting requirements. Furthermore, a publicly accessible webpage will be created to gather suggestions from residents and businesses on regulatory modifications, with the division tasked to compile and evaluate these suggestions while ensuring confidentiality.