Summary of Original Version

Create new sections of Subchapter 12 of KRS Chapter 154 to define "advisory committee," "applicable agency," "applicant," "consumer," "demonstrate," "director," "innovation," "innovative offering," "offering," "product," "production," "regulatory relief office," "regulatory sandbox," "sandbox participant," "secretary," and "service"; establish the General Regulatory Sandbox Advisory Committee; establish the Kentucky Office of Regulatory Relief; create the General Regulatory Sandbox Program; establish the application process and requirements to apply to the sandbox; give an applicant that is accepted into the sandbox 12 months to demonstrate the offering identified in his or her application; establish the conditions upon which the regulatory relief office can terminate a sandbox participant's participation in the sandbox; require the secretary of the Cabinet for Economic Development to prepare and submit a written report to the General Assembly and LRC by October 1 of each year; amend KRS 12.020 to place the Kentucky Office of Regulatory Relief under the Office of the Secretary of the Cabinet for Economic Development; amend KRS 13A.250 to require each administrative body to provide in its fiscal note an explanation of the fiscal impact of the methodology and resources it used to determine the fiscal impact; amend KRS 304.3-705 to allow a person regulated under KRS 304.3-700 to 304.3-735 to participate in the regulatory sandbox if the person is not qualified to make an application under KRS 304.3-700 to 304.3-735.

Summary of Amendment: House Committee Substitute 1

Summary Retain original provisions, except move new sections from Subchapter 12 of KRS Chapter 154 to Chapter 15; establish the Kentucky Office of Regulatory Relief under the Office of the Attorney General; require five members of the advisory committee to be appointed from the business community; require five members to be the secretary or his or her designee from state cabinets listed; establish an application fee not to exceed $1,000; remove all references to exempting any person from laws; prohibit the suspension of an administrative regulation that would preclude any person from recovering damages from a sandbox participant; EFFECTIVE March 15, 2024.

Summary of Amendment: Senate Committee Substitute 1

Summary Retain original provisions, except redefine "offering"; prohibit the regulatory relief office from entering a written agreement with an applicant that waives or suspends a requirement for licensure or regulation of a health facility; effective March 15, 2024.

Summary of Amendment: Senate Floor Amendment 1 -- R. Thomas

Summary Amend to add a member of the minority party in the Senate and a member of the minority party in the House of Representatives as ex officio, nonvoting members of the General Regulatory Sandbox Advisory Committee.

Statutes affected:
Introduced: 12.020, 13A.250
Acts Chapter 122: 15.010, 13A.250
House Committee Substitute 1: 15.010, 13A.250
Senate Committee Substitute 1: 15.010, 13A.250
Current: 15.010, 13A.250