The bill establishes a "General Regulatory Sandbox Program" in Wyoming, enabling businesses to showcase innovative offerings without the typical regulatory constraints. It details the responsibilities of a governing council that will coordinate with state and federal agencies, manage applications, and ensure consumer protection. The program allows for limited waivers of statutes and rules under specific conditions, requiring applicants to disclose relevant information about their offerings and any potential consumer risks. Key provisions include a structured application process, consumer disclosures about the nature of the offerings, and the exclusion of financial products and certain medical services to prioritize consumer safety.

Additionally, the bill amends existing laws related to the regulatory sandbox program, introducing a process for participants to request extensions of their demonstration periods, with the council required to respond within the original twenty-four-month timeframe. It also outlines record-keeping and reporting obligations for participants, including notifying the council of any incidents that may harm consumers. Significant new legal language is introduced, defining the council's responsibilities and specifying that certain application records may be exempt from public inspection if their disclosure could harm the applicant economically. The act is set to take effect on July 1, 2023, with provisions for immediate implementation of certain sections upon passage.

Statutes affected:
Introduced: 9-12-102, 9-12-105, 16-4-203