An Act establishing the Regulatory Sandbox Program, the Regulatory Relief Office and an advisory committee; and providing for their powers and duties.

SB 245 establishes Pennsylvania's Regulatory Sandbox Program, allowing businesses to temporarily test innovative products and services - such as those using blockchain technology - in regulated sectors like finance and insurance without full compliance with certain state laws. The program is administered by the new Regulatory Relief Office (within the Governor's Office), which reviews applications and works with agencies to waive or suspend relevant regulations for approved participants. An advisory committee, including business representatives and legislators, provides input and can override agency rejections of applications. This directly affects businesses developing new offerings who seek a controlled environment to demonstrate innovations before full market rollout.