(a) If the Division of Financial Institutions approves an application under 31A-8G-3 of this code, the regulatory sandbox participant has 24 months after the day on which the application was approved to test the innovative product or service described in the regulatory sandbox participants application.
(b) An innovative product or service that is tested within the regulatory sandbox program is subject to the following:
(1) All consumers participating in the innovative product or service being tested shall be residents of the state;