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 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 and participant information.

Additionally, the bill outlines a framework for the sandbox program, allowing businesses to apply for temporary waivers of specific laws and regulations. The application process includes confidentiality provisions, a timeline for agency reviews, and criteria for application rejection based on compliance with federal law and agency recommendations. Participants must disclose information to consumers about the sandbox authorization and potential risks, and the division can terminate participation if good faith is not maintained. The bill also requires quarterly reporting, the creation of a public webpage for suggestions on regulatory modifications, and empowers the division to evaluate these suggestions while ensuring consumer protection. Overall, the legislation aims to foster innovation while maintaining regulatory oversight.