The bill proposes the creation of a regulatory relief division within the Common Sense Initiative Office and establishes a universal regulatory sandbox program in Ohio. This program is designed to enable businesses to test innovative products or services without the usual licensing or authorization requirements. The regulatory relief division will serve as a liaison between businesses and state agencies, identifying which laws and regulations can be waived or suspended to support new ventures. Key features include the formation of an advisory committee to guide the division, which will consist of representatives from business interests, state agencies, and legislative bodies, and will provide recommendations on regulatory modifications.

Additionally, the bill outlines the application process for businesses wishing to participate in the sandbox program, including requirements for demonstrating innovation and potential risks. It mandates that participants disclose specific information to consumers and allows for a demonstration period of up to five years, with provisions for extensions. The bill also establishes a publicly accessible webpage for residents and businesses to suggest regulatory modifications, ensuring confidentiality for those making suggestions. Overall, the legislation aims to promote innovation while maintaining consumer protection and regulatory oversight.