The "Universal Regulatory Sandbox Act" establishes a regulatory sandbox within Title 42 of the General Laws, allowing businesses to innovate by temporarily waiving certain laws and regulations under the oversight of regulatory agencies. The act defines key terms and outlines the framework for the sandbox program, including the creation of a regulatory relief office within the commerce corporation, which will administer the program and facilitate communication between businesses and applicable agencies.

An advisory committee will be formed to provide recommendations and will consist of eleven members, including representatives from business interests and state agencies, as well as legislative members. The application process for businesses will require disclosures regarding the nature of their offerings, potential risks to consumers, and the specific laws or regulations they seek to have waived or suspended.

The act emphasizes consumer protection by ensuring that certain laws, particularly those related to fraud and consumer safety, remain in effect during the testing period. Sandbox participants must disclose information about their offerings and the associated risks to consumers, maintain records, and report any incidents that may affect consumer health or safety. The regulatory relief office has the authority to terminate a participant's involvement in the sandbox if necessary and is not liable for any business losses incurred by participants.

Additionally, participants are required to submit a written report upon exiting the program, detailing their demonstration activities, including any incidents of harm to consumers or legal actions taken against them. The act also establishes a mechanism for residents and businesses to suggest modifications to existing regulations through a dedicated webpage, ensuring that private information remains confidential during the evaluation process. The act will take effect upon passage.