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A
B
A
Thank
you
all
for
joining
us
this
morning.
Before
we
get
the
meeting
started,
I
want
to
go
over
a
few
housekeeping
items.
Please
silence
all
of
your
cell
phones
at
this
time.
If
you
would
like
to
speak,
please
use
the
sign
in
sheet
at
the
entrance
of
the
room.
A
request
to
speak
is
within
the
church
discretion
based
upon
the
time
restraints
of
the
meeting
and
the
information
already
presented.
A
E
A
D
I'm
Phillip
Pratt
house
rep,
gym
62nd
District,
along
with
me,
is.
E
A
D
We're
up
for
discussion,
okay
and
also
via
Zoom,
is
Reese
empty,
I
hope
I
said
that
name
correctly.
It's
about
Slaughter,
it
sorry
about
that.
But
this,
but
and
also
introduce
yourself
for
the
record
Mr
MP.
Please.
F
D
And
he's
a
real
Guru
on
this
bill,
you
know.
Basically,
what
we
haven't
found
is
today
is
house
bill,
264.,
it's
a
Sandbox,
Bill
and
actually
I
did
not
realize
till
I
got
in
this.
We
already
have
a
Sandbox
bill
here
in
Kentucky.
It's
for
insurance.
We
did
not
have
it
for
anyone
else.
Basically,
it
provides
space
for
entrepreneurs
and
innovators
from
small
startups
to
large
corporations,
try
new
ways
of
doing
things
without
excessive
outdated
regulations
sandbox
and
allow
regular
regulator.
Regulator.
E
Yes,
thank
you.
What
this
is
is
a
incubator
for
Innovation.
If
you
will,
it
does
contain
consumer
protections,
it
does
contain
protection
for
the
environment,
for
those
workers
that
are
subject
to
workers.
Comps
claims
and
you'll
find
that
it's
an
opportunity
for
small
businesses
that
may
not
have
the
wherewithal
to
develop
a
product,
and
this
will
help
them
move
down
the
line
with
less
expenses
and
but
still
oversight.
F
Yes,
thank
you.
Mr
chair
and
members
of
the
committee
I
appreciate
the
opportunity
to
provide
testimony
today.
In
short,
a
regulatory
sandbox
enables
innovators
businesses,
both
big
and
small,
old
and
new,
to
work
with
regulators
and
the
legislature
in
trialing,
new
products,
services
and
business
models,
while
state
regulations
in
applicable
to
their
ID
are
temporarily
waived.
At
the
same
time,
consumer
protection
is
at
the
Forefront
of
this
because
an
idea
that
will
obviously
hurt
consumers
never
makes
it
past
the
front
gate
and
Regulators.
F
While
the
trial
is
taking
place,
keep
an
eye
on
businesses
in
the
sandbox.
Also,
if
a
business
enters
the
sandbox
and
their
product
causes
harm,
they
can
still
be
held
civilly
liable.
So,
in
other
words,
let's
say,
I
have
a
new
Innovative
idea
that
I
want
to
trial,
but
outdated
regulations
are
standing
in
my
way,
I'd
approach,
the
sandbox
explain.
F
The
sandbox
creates
a
process
for
dynamic
regulatory
reform
by
inviting
the
business
Community
to
the
table
to
highlight
these
Troublesome
regulations
so
that
those
regulations
may
be
reformed
and
in
the
long
run,
the
state
possesses
a
more
welcoming
regulatory
environment
for
the
Innovations
of
tomorrow.
This
concept
is
not
new.
F
Now
in
Utah,
we
have
worked
on
a
handful
of
these,
the
legislature
overwhelmingly
passed
fintech
sandbox
in
2019
and
insurance
sandbox
in
2020
and
a
universal
one
which
is
similar
to
this
bill
in
2021,
which
applies
to
any
and
all
Industries.
In
2022
we
followed
up
and
dissolved
our
insurance
and
fintech
sandboxes
to
consolidate
them
into
the
universal
sandbox,
while
also
passing
an
education
sandbox
trying
to
Spur
innovation
of
the
public
education
space.