The bill establishes a regulatory relief division within the Common Sense Initiative Office and creates a universal regulatory sandbox program in Ohio, allowing businesses to test innovative products or services without the usual licensing requirements. The regulatory relief division will serve as a liaison between businesses and state agencies, identifying laws and regulations that can be waived to support new companies. An advisory committee will be formed to guide the sandbox program, consisting of members from various business interests and state agencies, and will be responsible for reporting on the program's activities and recommending regulatory changes.

The bill outlines a structured application process for businesses wishing to participate in the sandbox, ensuring confidentiality and timely responses from the regulatory relief division. It mandates that participants disclose specific information to consumers about the sandbox and potential risks, with a demonstration period of up to five years and provisions for extensions. The regulatory relief division will also maintain a publicly accessible webpage for suggestions on reducing regulatory burdens, compiling these suggestions quarterly for reporting to the governor and the general assembly. Overall, the bill aims to foster innovation while ensuring consumer protection and regulatory oversight.