Utah Code 63N-16-202. Scope of the regulatory sandbox
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(1) If the regulatory relief office approves an application under this part, the sandbox participant has 12 months after the day on which the application was approved to demonstrate the offering described in the sandbox participant’s application.
Terms Used In Utah Code 63N-16-202
- Applicant: means a person that applies to participate in the regulatory sandbox. See Utah Code 63N-16-102
- Consumer: means a person that purchases or otherwise enters into a transaction or agreement to receive an offering pursuant to a demonstration by a sandbox participant. See Utah Code 63N-16-102
- demonstration: means to temporarily provide an offering in accordance with the provisions of the regulatory sandbox program described in this chapter. See Utah Code 63N-16-102
- Director: means the director of the Utah Office of Regulatory Relief created in Section
63N-16-103 . See Utah Code 63N-16-102 - Financial product or service: means :(9)(a) a financial product or financial service that requires state licensure or registration; or(9)(b) a financial product, financial service, or banking business that includes a business model, delivery mechanism, offering of deposit accounts, or element that may require a license or other authorization to act as a financial institution, enterprise, or other entity that is regulated by Title 7, Financial Institutions Act, or other related provisions. See Utah Code 63N-16-102
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Offering: means a product, production method, or service, including a financial product or service or an insurance product or service, that includes an innovation. See Utah Code 63N-16-102
- Product: means a commercially distributed good that is:
(14)(a) tangible personal property;(14)(b) the result of a production process; and(14)(c) passed through the distribution channel before consumption. See Utah Code 63N-16-102- Regulatory relief office: means the Utah Office of Regulatory Relief created in Section
63N-16-103 . See Utah Code 63N-16-102- Regulatory sandbox: means the General Regulatory Sandbox Program created in Section
63N-16-201 , which allows a person to temporarily demonstrate an offering under a waiver or suspension of one or more state laws or regulations. See Utah Code 63N-16-102- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Sandbox participant: means a person whose application to participate in the regulatory sandbox is approved in accordance with the provisions of this chapter. See Utah Code 63N-16-102
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) An offering that is demonstrated within the regulatory sandbox is subject to the following:(2)(a) each consumer shall be a resident of the state; and(2)(b) no law or regulation may be waived or suspended if waiving or suspending the law or regulation would prevent a consumer from seeking restitution in the event that the consumer is harmed.(3) This part does not restrict a sandbox participant who holds a license or other authorization in another jurisdiction from acting in accordance with that license or other authorization.(4) A sandbox participant is deemed to possess an appropriate license or other authorization under the laws of the state for the purposes of any provision of federal law requiring licensure or other authorization by the state.(5) Subject to Subsection (6):(5)(a) during the demonstration period, a sandbox participant is not subject to the enforcement of state laws or regulations identified in the written agreement between the regulatory relief office and the sandbox participant described in Subsection 63N-16-201(14);(5)(b) a prosecutor may not file or pursue charges pertaining to a law or regulation identified in the written agreement between the regulatory relief office and the sandbox participant described in Subsection 63N-16-201(14) that occurs during the demonstration period; and(5)(c) a state agency may not file or pursue any punitive action against a sandbox participant, including a fine or license suspension or revocation, for the violation of a law or regulation that:(5)(c)(i) is identified as being waived or suspended in the written agreement between the regulatory relief office and the sandbox participant described in Subsection 63N-16-201(14); and(5)(c)(ii) occurs during the demonstration period.(6) Notwithstanding any other provision of this part:(6)(a) a sandbox participant does not have immunity related to any criminal offense committed during the sandbox participant’s participation in the regulatory sandbox; and(6)(b) a sandbox participant that provides an offering that is a financial product or service shall comply with all applicable federal laws and regulations governing consumer protection.(7) By written notice, the regulatory relief office may end a sandbox participant’s participation in the regulatory sandbox at any time and for any reason, including if the director determines that a sandbox participant is not operating in good faith to bring an offering to market.(8) The regulatory relief office and the regulatory relief office’s employees are not liable for any business losses or the recouping of application expenses or other expenses related to the regulatory sandbox, including for:(8)(a) denying an applicant‘s application to participate in the regulatory sandbox for any reason; or(8)(b) ending a sandbox participant’s participation in the regulatory sandbox at any time and for any reason.