Bill > H5717

This bill establishes a Universal Regulatory Sandbox Act that creates a program allowing businesses to temporarily test innovative products, services, and business models under regulatory oversight with limited waivers of existing laws and regulations. The regulatory relief office, located within the commerce corporation, will administer the program and serve as a liaison between businesses and state agencies. Businesses can apply to participate in the sandbox, which provides a 12-month period to demonstrate an offering while being exempt from certain regulatory requirements. Applicants must provide detailed information about their innovative product or service, including potential consumer risks and benefits. The program includes strict consumer protection measures, such as mandatory disclosures that inform consumers they are participating in a test offering. An advisory committee with eleven members will help review applications and provide recommendations. Participating businesses must maintain detailed records, report quarterly, and notify regulators of any consumer harm. The bill aims to reduce regulatory burdens on businesses while still protecting consumer interests by creating a controlled environment for testing innovative ideas across various industries, including financial services, insurance, and technology sectors.

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