SB712:

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

Bill Summary:

Department of Regulatory Innovation; Virginia
Regulatory Sandbox Program; created. Creates the Department of
Regulatory Innovation to oversee the Virginia Regulatory Sandbox
Program, also created by the bill, which allows an individual or
business to demonstrate a product, production method, or service
under a waiver or suspension of one or more state laws or regulations.
The bill sets out the process by which an individual or business
may apply for participation in the Program, the role of the Department
in reviewing such applications for approval or denial, and the requirements
for participation in the Program, including provisions related to
consumer protection.