The "Universal Regulatory Sandbox Act" establishes a regulatory sandbox within Title 42 of the General Laws, allowing businesses to test innovative products, services, and business models under regulatory supervision while temporarily receiving waivers of certain laws and regulations. The act creates a regulatory relief office within the commerce corporation to manage the sandbox program, facilitate communication between businesses and applicable regulatory agencies, and review state laws that may unnecessarily inhibit the creation and success of new companies or industries.

An advisory committee is formed to provide recommendations and consists of eleven members, including representatives from business interests, state agencies, and the legislature. The application process for businesses requires detailed information about their offerings, including the regulations they wish to waive, potential consumer benefits, risks, and a demonstration plan.

Consumer protection is emphasized by mandating that sandbox participants disclose information about the nature of their testing, potential risks to consumers, and that they are not immune from civil liability or criminal prosecution for violations of state law not waived or suspended. Participants must maintain records and report any incidents of harm to consumers, and the regulatory relief office has the authority to terminate a participant's involvement if they do not operate in good faith.

The regulatory relief office is also responsible for annual reporting on the activities of the sandbox, including information about each participant, recommendations for modifying state laws, and outcomes for consumers. Additionally, a regulatory relief webpage will be created to invite residents and businesses to suggest modifications to existing laws, with the office compiling and reporting these suggestions quarterly to the governor and the general assembly. The act will take effect upon passage.