HB 1287 Summary: Universal Regulatory Sandbox

• Creates the Office of Regulatory Relief within the Department of Economic Opportunity to administer a universal regulatory sandbox allowing businesses to test innovative products and services while temporarily receiving waivers or suspensions of applicable state laws or regulations.

• Establishes an 11-member General Regulatory Sandbox Program Advisory Committee with 6 business representatives, 3 agency representatives, and 2 legislative members to advise on sandbox applications.

• Applicants must submit detailed applications describing their offering, the laws/regulations to be waived, consumer benefits, risks, and demonstration plans; the office has 30 days to refer applications to applicable agencies for review and recommendation.

• Approved sandbox participants receive 12-month demonstration periods protected from enforcement of waived or suspended laws, though they remain subject to antifraud laws, consumer protection requirements, and cannot offer to out-of-state consumers; demonstrations can be extended up to 12 additional months.

• Participants must comply with quarterly reporting requirements, disclose sandbox status and risks to consumers before transactions, and provide incident reports; the office must publish public notice of all approvals and can terminate participation for violations or lack of good faith.