RI H7383

Creates a "regulatory relief office" within the Commerce Corporation to administer a universal regulatory sandbox program allowing businesses to temporarily test innovative products, services, and business models while receiving waivers from specified state laws and regulations

Establishes an 11-member advisory committee including 6 business representatives, 3 state agency representatives, and 2 legislators to review applications and make recommendations on sandbox participation

Grants approved sandbox participants a 12-month demonstration period (with possible 12-month extension) during which they are exempt from enforcement of specifically waived state laws, though participants remain subject to federal laws, criminal prosecution, and civil liability

Requires sandbox participants to disclose to consumers that the offering is undergoing testing, may not function as intended, and that the provider is not immune from liability for damages

Mandates quarterly reporting by participants, public notice of approved applications on the office's website, and an annual report to the General Assembly including recommendations for permanent regulatory modifications