The proposed bill establishes the "General Regulatory Sandbox Program" in Wyoming, allowing businesses to temporarily test new products or services without the immediate enforcement of certain laws or regulations. It creates the Wyoming Office of Regulatory Relief to oversee the program, manage the application process, and supervise participants. The office can grant limited waivers of statutes and rules under specific conditions, prioritizing consumer safety. Applicants must provide detailed descriptions of their offerings, potential consumer risks, and the laws they wish to have waived. The program excludes financial products, services, and innovative medical digital assessment products, and mandates that any punitive actions from government agencies inform businesses about the sandbox.

The bill also includes provisions that protect the state and the office from liability regarding business losses or expenses related to the sandbox, including application denials or terminations. Participants are required to disclose the nature and risks of their offerings to consumers and adhere to record-keeping and reporting requirements. The legislation introduces definitions and clarifications about the act's scope and establishes protections for sensitive application information. The governor and the Wyoming Office of Regulatory Relief are tasked with creating necessary implementation rules, with the program set to take effect on July 1, 2024. Overall, the bill aims to promote innovation while ensuring consumer protection and regulatory oversight.

Statutes affected:
24LSO-0095 v0.4: 9-12-102, 16-4-203