Effective: March 14, 2023 Latest Legislation: Senate Bill 249 – 134th General Assembly As used in this chapter: (A) “Applicable agency” means a department or agency of the state to which both of the following apply: (1) It is authorized to regulate certain types of business activity in this state and persons engaged in such […]
Effective: March 14, 2023 Latest Legislation: Senate Bill 249 – 134th General Assembly The superintendent of financial institutions shall establish a regulatory sandbox program in consultation with applicable agencies to enable a person to obtain limited access to the market in this state to test novel financial products or services without obtaining any other license […]
Effective: March 14, 2023 Latest Legislation: Senate Bill 249 – 134th General Assembly (A)(1) Any person may apply to enter the regulatory sandbox to test a novel financial product or service. (2) A person shall file an application with the superintendent of financial institutions in order to test a novel financial product or service if […]
Effective: March 14, 2023 Latest Legislation: Senate Bill 249 – 134th General Assembly The superintendent of financial institutions shall consult with all applicable agencies before admitting a person into the regulatory sandbox. This consultation may include seeking information about any of the following: (A) Whether the applicable agency previously has either: (1) Issued a license […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
