Creates a Regulatory Relief Office in the Department of Commerce
Impact
The bill mandates the creation of a regulatory relief office responsible for administering the sandbox program. Businesses that wish to participate must submit applications confirming their compliance with state authority and detailing how their innovations will benefit consumers. The relief office will work alongside various regulatory agencies to facilitate this testing, effectively allowing businesses access to the market while bypassing aspects of regulation that could otherwise hinder their innovations.
Summary
House Bill 476 establishes a 'universal regulatory sandbox' program within the Department of Commerce, aimed at providing a framework for businesses to test innovative products or services with temporary waivers of certain state laws and regulations. The intent of the bill is to stimulate economic development by allowing emerging businesses to experiment with new offerings without the burdens of extensive regulatory compliance during a specified testing period.
Contention
While proponents advocate that the sandbox will empower small and emerging businesses to innovate without excessive regulatory pressure, there are concerns regarding consumer protection. Specifically, critics argue that waiving laws may lead to risks for consumers if businesses do not disclose potential risks of their offerings adequately. The measure will be closely scrutinized to determine if consumer interests are adequately safeguarded, particularly in terms of health and financial well-being during the demonstration periods of these new products.
Creating the regulatory relief division within the office of the attorney general and establishing the general regulatory sandbox program to waive or suspend rules and regulations for program participants.
Creating the regulatory relief division within the office of the attorney general and establishing the general regulatory sandbox program to waive or suspend rules and regulations for program participants.
To amend sections 121.95 and 121.951 of the Revised Code to revise the definition of "regulatory restriction" for purposes of administrative rulemaking and to specify that certain rule changes alone do not eliminate a restriction.