The "Rhode Island Biotechnology Regulatory Sandbox Act" establishes the biotechnology regulatory sandbox program within the Department of Business Regulation (DBR) to allow biotechnology companies, research institutions, and other entities to test innovative biotechnology products or services with limited exemptions from certain state regulations. The program enables approved participants to obtain limited access to the market without the usual licensing or state authorization requirements for a period not exceeding twenty-four (24) months, with an option for extension.

The act outlines a detailed application process that requires applicants to submit a nonrefundable application fee, demonstrate jurisdictional compliance, provide relevant personal and contact information, disclose any criminal convictions, and describe the innovative biotechnology product or service to be tested. The DBR will consult with applicable agencies before approving applications and may deny any application at its discretion.

To ensure consumer protection, participants must disclose critical information to consumers about the products or services being tested, including potential risks, the lack of state endorsement, and the temporary nature of the testing. Participants are also required to submit quarterly progress reports detailing compliance, risks, and findings.

The DBR will coordinate with federal and state agencies to ensure that sandbox participation aligns with existing regulatory frameworks. Additionally, the department is tasked with providing an annual report to the General Assembly by January 1, 2028, detailing information about each sandbox participant, recommendations regarding the program's effectiveness, and potential regulatory reforms. The act will take effect immediately upon passage.