Section 1355.07 | Exiting the Sandbox.
Effective: March 14, 2023 Latest Legislation: Senate Bill 249 – 134th General Assembly (A) Not less than thirty days before the end of a sandbox participant’s testing period, the sandbox participant shall do either of the following: (1) Notify the superintendent of financial institutions that the sandbox participant will exit the regulatory sandbox, wind down […]
Section 1355.08 | Extension of Testing Period.
Effective: March 14, 2023 Latest Legislation: Senate Bill 249 – 134th General Assembly (A) A sandbox participant may request an extension of the regulatory sandbox testing period for the purpose of pursuing a license or other authorization required by law. (B) The superintendent of financial institutions may grant or deny a request for an extension […]
Section 1355.09 | Recordkeeping, Test Failure, Security Breach.
Effective: March 14, 2023 Latest Legislation: Senate Bill 249 – 134th General Assembly (A) A sandbox participant shall retain records, documents, and data produced in the ordinary course of business regarding a novel financial product or service tested in the regulatory sandbox. (B) If a novel financial product or service fails before the end of […]
Section 1355.10 | Confidentiality and Disclosure of Information.
Effective: March 14, 2023 Latest Legislation: Senate Bill 249 – 134th General Assembly (A) Except for the name of a sandbox participant and overview of a sandbox participant’s novel financial product or service, records that are submitted to or obtained by the superintendent of financial institutions or an applicable agency pursuant to this chapter are […]
Section 1355.11 | Reporting Requirements.
Effective: March 14, 2023 Latest Legislation: Senate Bill 249 – 134th General Assembly (A) The superintendent of financial institutions may establish periodic reporting requirements for sandbox participants. (B) The superintendent may seek records, documents, and data from sandbox participants. Upon the superintendent’s request, a sandbox participant shall make such records, documents, and data available for […]
Section 1355.05 | Terms of Participation in Sandbox.
Effective: March 14, 2023 Latest Legislation: Senate Bill 249 – 134th General Assembly (A) If the superintendent of financial institutions approves an application for entry into the regulatory sandbox, the applicant is considered a sandbox participant and the superintendent shall issue the sandbox participant a license number. (B) The superintendent and sandbox participant shall enter […]
Section 1355.06 | Consumer Disclosures.
Effective: March 14, 2023 Latest Legislation: Senate Bill 249 – 134th General Assembly (A) Before providing a novel financial product or service to a consumer, a sandbox participant shall disclose to the consumer all of the following: (1) The name and contact information of the sandbox participant, including the license number provided by the superintendent […]
Section 1354.02 | Safe Harbor Requirements.
Effective: November 2, 2018 Latest Legislation: Senate Bill 220 – 132nd General Assembly (A) A covered entity seeking an affirmative defense under sections 1354.01 to 1354.05 of the Revised Code shall do one of the following: (1) Create, maintain, and comply with a written cybersecurity program that contains administrative, technical, and physical safeguards for the […]
Section 1354.03 | Reasonable Conformance.
Effective: November 2, 2018 Latest Legislation: Senate Bill 220 – 132nd General Assembly A covered entity’s cybersecurity program, as described in section 1354.02 of the Revised Code, reasonably conforms to an industry recognized cybersecurity framework for purposes of that section if division (A), (B), or (C) of this section is satisfied. (A)(1) The cybersecurity program […]
Section 1354.04 | No Private Right of Action.
Effective: November 2, 2018 Latest Legislation: Senate Bill 220 – 132nd General Assembly Sections 1354.01 to 1354.05 of the Revised Code shall not be construed to provide a private right of action, including a class action, with respect to any act or practice regulated under those sections.