The proposed bill seeks to create a regulatory relief division within the Common Sense Initiative Office and implement a universal regulatory sandbox program in Ohio. This program will enable businesses to test innovative products or services without the usual licensing requirements, while the regulatory relief division will serve as a liaison between businesses and state agencies. It will identify laws and regulations that can be waived to support new companies, assess consumer health and safety risks, and explore reciprocity agreements with other states that have similar programs. An advisory committee will be formed to guide the division, oversee the sandbox program, and ensure a structured application process for participating businesses.

Additionally, the bill outlines the operational framework for the sandbox, including the application review process, criteria for rejection, and participant responsibilities. It allows participants to request extensions for their demonstration periods and mandates the maintenance of records related to their offerings. Participants must also report any incidents that could harm consumers, with penalties for non-compliance. The regulatory relief division will create a public webpage for suggestions on regulatory modifications and provide quarterly reports to the governor and General Assembly, ensuring transparency while protecting confidential information. Overall, the legislation aims to promote innovation and economic growth by reducing regulatory barriers while maintaining consumer protection.