This bill establishes a universal regulatory sandbox program that allows businesses to trial innovative products, services, and business models while temporarily receiving a waiver of inapplicable laws and/or regulations. The bill creates a regulatory relief office within the commerce corporation to administer the program and review state laws and regulations that may inhibit the creation and success of new companies or industries. The bill also creates a general regulatory sandbox program advisory committee to advise and make recommendations to the regulatory relief office.

Participants in the regulatory sandbox must be residents of the state and are not subject to the enforcement of certain state laws or regulations identified in the written agreement between the regulatory relief office and the participant. However, participants must comply with all applicable federal laws and regulations governing consumer protection. The regulatory relief office has the authority to end a participant's participation in the sandbox if they determine that the participant is not operating in good faith. The bill also includes reporting requirements for the regulatory relief office and disclosure requirements for sandbox participants when demonstrating their offerings to consumers. Participants must notify the regulatory relief office at least 30 days before the end of the demonstration period if they will exit the sandbox or seek an extension. The regulatory relief office may grant an extension for up to 12 months after the end of the demonstration period. Record keeping and reporting requirements are also established.

Additionally, the bill requires the regulatory relief office to create a webpage where residents and businesses can suggest modifications or eliminations of laws and regulations to reduce the regulatory burden. The office will compile the suggestions and provide a report to the governor and general assembly.