HB264: AN ACT relating to regulatory relief.

Legislative Summary

Create new sections of Subchapter 12 of KRS Chapter 154 to define "advisory committee," "applicable agency," "applicant," "consumer," "demonstrate," "director," "innovation," "innovative offering," "offering," "product," "production," "regulatory relief office," "regulatory sandbox," "sandbox participant," "secretary," and "service"; establish the General Regulatory Sandbox Advisory Committee; establish the Kentucky Office of Regulatory Relief; create the General Regulatory Sandbox Program; establish the application process and requirements to apply to the sandbox; give an applicant that is accepted into the sandbox 12 months to demonstrate the offering identified in his or her application; establish the conditions upon which the regulatory relief office can terminate a sandbox participant's participation in the sandbox; require the secretary of the Cabinet for Economic Development to prepare and submit a written report to the General Assembly and LRC by October 1 of each year; amend KRS 12.020 to place the Kentucky Office of Regulatory Relief under the Office of the Secretary of the Cabinet for Economic Development; amend KRS 13A.250 to require each administrative body to provide in its fiscal note an explanation of the fiscal impact of the methodology and resources it used to determine the fiscal impact; amend KRS 304.3-705 to allow a person regulated under KRS 304.3-700 to 304.3-735 to participate in the regulatory sandbox if the person is not qualified to make an application under KRS 304.3-700 to 304.3-735.