Regulatory Innovation, Department of, and Virginia Regulatory Sandbox Program; created, report.

Department of Regulatory Innovation; VirginiaRegulatory Sandbox Program; created. Creates the Department of Regulatory Innovation to oversee the Virginia Regulatory SandboxProgram, also created by the bill, which allows an individual orbusiness to demonstrate a product, production method, or serviceunder a waiver or suspension of one or more state laws or regulations.The bill sets out the process by which an individual or businessmay apply for participation in the Program, the role of the Departmentin reviewing such applications for approval or denial, and the requirementsfor participation in the Program, including provisions related toconsumer protection.