Arizona Laws 41-5611. Reporting requirements; monitoring; enforcement; agreements
A. The attorney general may establish periodic reporting requirements for sandbox participants.
Terms Used In Arizona Laws 41-5611
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Fraud: Intentional deception resulting in injury to another.
- Regulatory sandbox: means the program established by this chapter that allows a person to temporarily test an innovation on a limited basis without otherwise being licensed or authorized to act under the laws of this state. See Arizona Laws 41-5601
- Sandbox participant: means any person whose application to participate in the regulatory sandbox is approved pursuant to this chapter. See Arizona Laws 41-5601
B. The attorney general may seek records, documents and data from sandbox participants. On the attorney general’s request, sandbox participants must make such records, documents and data available for inspection by the attorney general.
C. If the attorney general has reasonable cause to believe that a sandbox participant has engaged in, is engaging in or is about to engage in any practice or transaction that is in violation of this chapter, that constitutes an unlawful practice under section 44-1522 or that constitutes a violation of a state or federal criminal law, the attorney general may remove a sandbox participant from the regulatory sandbox or order a sandbox participant to exit the regulatory sandbox pursuant to section 41-5607.
D. Removal from the regulatory sandbox is not an appealable agency action for the purposes of chapter 6, article 10 of this title.
E. Sandbox participants are subject to the consumer fraud provisions under Title 44, Chapter 10, Article 7.
F. The attorney general may enter into agreements with state, federal or foreign regulators in advancing the purpose of regulatory sandbox, which may include allowing sandbox participants to operate in other jurisdictions and allowing entities authorized to operate in other jurisdictions to be recognized as sandbox participants in this state.