Terms Used In Arizona Laws > Title 18 > Chapter 6 - Property Technology Sandbox

• Applicable agency: means a department or agency of this state established by law to regulate certain types of business activity in this state and persons engaged in such business, including types of authorization, that the chief executive officer determines would regulate a sandbox participant. See Arizona Laws 18-601
• Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
• Certificate: means a certificate of authority issued under this chapter to engage in trust business. See Arizona Laws 6-851
• Chief executive officer: means the chief executive officer of the Arizona commerce authority. See Arizona Laws 18-601
• Consumer: means a person that purchases or otherwise enters into a transaction or agreement to receive an innovative property product or service that is being tested by a sandbox participant. See Arizona Laws 18-601
• Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Innovation: means , with respect to providing a property product or service or a substantial component of a property product or service, the use or incorporation of new or emerging technology or the reimagination of uses for existing technology to address a problem, provide a benefit or otherwise offer a product, service, business model or delivery mechanism that is not known by the chief executive officer to have a comparable widespread offering in this state. See Arizona Laws 18-601
• Innovative property product or service: means a property product or service that includes an innovation. See Arizona Laws 18-601
• Property technology sandbox: means the program established by this chapter that allows a person to temporarily test innovative property products or services on a limited basis without otherwise being authorized to act under the laws of this state. See Arizona Laws 18-601
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Sandbox participant: means a person whose application to participate in the property technology sandbox is approved pursuant to this chapter. See Arizona Laws 18-601
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Test: means to provide products and services as allowed by this chapter. See Arizona Laws 18-601
• Trust business: means the holding out by a person to the public at large by advertising, solicitation or other means that the person is available to act as a fiduciary in this state and accepting and undertaking to perform the duties as such a fiduciary in the regular course of business. See Arizona Laws 6-851