AN ACT RELATING TO STATE AFFAIRS AND GOVERNMENT -- UNIVERSAL REGULATORY SANDBOX ACT

HB 5717, the Universal Regulatory Sandbox Act, creates a program allowing businesses to temporarily test innovative products, services, or business models (particularly in financial services and insurance) under temporary exemptions from certain state laws or regulations. It establishes a "regulatory relief office" within the commerce corporation to administer the program, review applicable rules for potential waivers, and act as a liaison between businesses and regulators. Businesses applying to the sandbox must demonstrate their offering meets defined criteria for innovation, while the program includes an advisory committee to provide industry and agency input. This directly affects fintech and insurance companies seeking to pilot new offerings without full regulatory compliance during testing. The bill focuses on creating a structured testing environment for regulatory innovation, not on specific outcomes or policy advocacy.