The proposed bill introduces Chapter 64.35, titled "UNIVERSAL REGULATORY SANDBOX ACT," to Title 42 of the General Laws, which focuses on establishing a regulatory sandbox for businesses to test innovative products and services under regulatory oversight. This chapter allows businesses to apply for temporary waivers of certain laws and regulations that would typically apply to their operations. It defines key terms related to the sandbox and establishes the Regulatory Relief Office within the commerce corporation, which will oversee the program, assist applicants, and act as a liaison between businesses and regulatory agencies. The office will also create a framework for assessing consumer risks associated with waiving regulations and propose reciprocity agreements with other states.

Additionally, the bill establishes an advisory committee to provide recommendations on the sandbox program, consisting of members from business interests, regulatory agencies, and the legislature. The application process for the sandbox requires detailed submissions from applicants, and agencies must provide reports on potential consumer harm within specified timeframes. The bill emphasizes consumer protection by mandating that participants disclose essential information to consumers and retain records of any incidents of harm. It also outlines the process for exiting the sandbox and the regulatory relief office's authority to remove participants if necessary. Overall, the act aims to promote innovation while ensuring consumer safety and accountability in the regulatory process.