The proposed "Universal Regulatory Sandbox Act" establishes Chapter 64.35 of Title 42 of the General Laws, creating a regulatory sandbox that allows businesses to test innovative products, services, and business models under regulatory supervision while temporarily receiving waivers from certain laws and regulations. The act creates a regulatory relief office within the commerce corporation, responsible for administering the sandbox program, facilitating communication between businesses and regulatory agencies, and reviewing state laws that may inhibit the establishment and success of new companies.

An advisory committee, consisting of eleven members, will provide guidance on the program. The application process for businesses includes requirements for disclosure and consultation with the regulatory relief office, emphasizing consumer protection through risk assessments and justifications for any requested waivers.

Sandbox participants are required to disclose information to consumers about the nature of the testing, potential risks, and the temporary nature of the demonstration. They must maintain records and report any consumer complaints. The regulatory relief office has the authority to terminate a participant's involvement if they do not operate in good faith.

The act mandates that sandbox participants submit quarterly reports detailing consumer complaints and any incidents that could affect health, safety, or financial well-being. Additionally, the regulatory relief office is required to maintain a webpage inviting public suggestions for modifications to laws and regulations to reduce the regulatory burden on residents and businesses. Overall, the act aims to foster innovation while ensuring consumer protection and public safety.