The bill introduces the "UNIVERSAL REGULATORY SANDBOX ACT" as a new chapter (Chapter 64.35) to Title 42 of the General Laws, with the aim of establishing a universal regulatory sandbox. This sandbox is designed to allow businesses to test innovative products, services, and business models in a real-world environment while temporarily receiving waivers for certain laws and regulations. The bill defines key terms and outlines the creation of the Regulatory Relief Office within the commerce corporation, which will oversee the sandbox program, act as a liaison between businesses and regulatory agencies, and review state laws and regulations that may hinder new companies or industries. The bill also establishes an advisory committee to advise the regulatory relief office, consisting of members from various sectors and state agencies.

The bill sets forth the application process for businesses to enter the regulatory sandbox, including the requirement for agencies to review applications and provide recommendations or reasons for denial. If an agency fails to provide a report, the office director may assume no objection to the waiver or suspension request. The office director has the authority to deny applications if there is a significant risk of harm to consumers or if the applicant has a criminal history related to theft, fraud, or dishonesty. Approved participants are given 12 months to demonstrate their offering, with the possibility of an extension, and must comply with federal consumer protection laws. The bill also mandates consumer protection disclosures, record-keeping, and reporting requirements for sandbox participants, and requires the regulatory relief office to publish an annual report on its activities. The act would take effect upon passage.