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 to support new ventures. An advisory committee, appointed by the governor and legislative leaders, will provide recommendations to the division, and the bill mandates annual reporting on the division's activities, including participant information and regulatory change recommendations.

Additionally, the bill outlines the framework for the regulatory sandbox, allowing businesses to apply for temporary waivers of certain laws to test their offerings. It includes provisions for maintaining application confidentiality, reviewing applications for potential consumer harm, and ensuring that applications are not public records. Participants must disclose specific information to consumers about the sandbox and its risks, and the demonstration period can last up to five years with possible extensions. The bill also establishes a publicly accessible webpage for residents to suggest regulatory modifications, ensuring confidentiality for those making suggestions while promoting consumer protection and regulatory oversight.