Establish universal regulatory sandbox program for businesses

This bill creates a new "regulatory relief office" within the Department of Commerce to manage a universal regulatory sandbox program designed for businesses testing innovative products or services. Under this program, the office can temporarily waive specific state laws and regulations that would normally require a license or authorization, allowing companies to operate in a controlled environment to demonstrate their offerings. The bill also establishes an advisory committee composed of business representatives, state agency officials, and legislators to guide the office and assess risks to consumer safety and financial well-being. Additionally, the office is tasked with identifying laws that hinder new industries, proposing changes to the General Assembly, and exploring agreements with other states that have similar sandbox programs.