(1) As used in this section: (a) "Regulatory framework" means a framework for determining the risk level to the public if a law or regulation that inhibits the creation or success of new and existing companies or industries were to be permanently removed or temporarily waived. (b) "Risk level" means a level of risk categorized from low, medium, and high. (2) The regulatory relief office may: (a) review, at any time, any existing state laws or regulations that may unnecessarily inhibit the creation or success of companies or industries other than the occupational regulations of individuals reviewed by the Office of Professional Licensure Review under Title 13, Chapter 1b, Office of Professional Licensure Review; and (b) provide recommendations to the governor and the Legislature on modifying those state laws and regulations described in Subsection (2)(a). (3) The regulatory relief office shall: (a) create a regulatory framework; and (b) annually study the laws and regulations of at least two industries selected from: (i) an industry targeted for economic development by the office as described in Section 63N-1a-302; or (ii) an industry designated by the General Regulatory Sandbox Program Advisory Committee for study by the regulatory relief office. (4) In undertaking the review described in Subsection (2), the regulatory relief office shall: (a) identify any law or regulation that the regulatory relief office determines inhibits the creation or success of new and existing companies or industries; (b) apply the regulatory framework to the identified law or regulation; and (c) consider: (i) the history of the identified regulation or law, including the reasons why the regulation or law was originally enacted; (ii) whether the identified regulation or law: (A) creates an unnecessary barrier to industry for businesses; or (B) imposes an unnecessary cost to businesses or consumers; (iii) whether the penalty for violation of the regulation or law, if any, is proportional to the potential harm; and (iv) if there are potentially less burdensome alternatives to the existing regulation or law and apply the regulatory framework to that alternative. (5) The regulatory relief office shall submit as part of the report described in Section 63N-16-105: (a) a detailed overview of the regulatory relief office's study of the laws and regulations as described in this section, including the reasons why the laws and regulations of a particular industry were selected for study and the strategy the office implemented to study the laws and regulations of that industry; and (b) recommended changes to a law or regulation identified by the regulatory relief office in Subsection (4) that the regulatory relief office determines: (i) is inhibiting the success of businesses, companies, or industries; and (ii) would not present a high risk level to the public if the law or regulation were permanently removed or temporarily waived.
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