Providing for a regulatory relief program

23 establishes a 13-member regulatory relief advisory committee consisting of nine voting members appointed by the director of IEDA, including six members representing business interests and three members representing state agencies that regulate businesses, and four nonvoting legislative members. The bill provides that the director of IEDA designate the chair of the advisory committee. The advisory committee is responsible for advising and making recommendations to the regulatory relief office regarding the regulatory relief program.24 establishes the regulatory relief program. The bill provides that the purpose of the program is to enable businesses to obtain legal protections and limited access to the market in this state to demonstrate an innovative offering without obtaining a license or other authorization that might otherwise be required. The bill establishes the process by which a business may apply to participate in the program. The bill describes the information required to be included in an application to the regulatory relief office for participation in the program. Applications for participation in the program shall be forwarded by the regulatory relief office to affected state agencies who will issue a written report recommending acceptance or rejection of the application. A state agency rejection of an application will result in denial of the application. If no state agency recommends rejection, the regulatory relief office shall forward the application and the written reports to the regulatory relief advisory committee who shall review the information and submit a recommendation to the office. The regulatory review office shall either accept or deny the application and shall notify the applicant of the decision. If the application is accepted, the regulatory relief agency shall enter into a written agreement with the applicant describing the specific laws and regulations that are waived or suspended as part of the program. Participation in the program shall be for a demonstration period of months. The bill specifies various reporting and disclosure requirements for a participant in the program. The bill allows the regulatory relief office to end a participant’s participation in the program at any time. The bill also permits a participant in the program to request an extension of the program for not more than months after the end of the initial demonstration period. Finally, the bill provides that the regulatory relief office and employees of the regulatory relief office are not liable for any business losses or the recouping of application expenses or other expenses related to the regulatory relief program.