Utah Code 63N-16-206. Record keeping and reporting requirements
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(1) A sandbox participant shall retain records, documents, and data produced in the ordinary course of business regarding an offering demonstrated in the regulatory sandbox.
Terms Used In Utah Code 63N-16-206
- Applicable agency: means a department or agency of the state that by law regulates a business activity and persons engaged in such business activity, including the issuance of licenses or other types of authorization, which the office determines would otherwise regulate a sandbox participant. 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
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- 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 - 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
(2) If a sandbox participant ceases to provide an offering before the end of a demonstration period, the sandbox participant shall notify the regulatory relief office and each applicable agency and report on actions taken by the sandbox participant to ensure consumers have not been harmed as a result.
(3)
(3)(a) The regulatory relief office shall establish quarterly reporting requirements for a sandbox participant, including information about any consumer complaints.
(3)(b) No later than 14 days after the day on which a sandbox participant submits the sandbox participant’s second quarterly report to the regulatory relief office, the regulatory relief office shall provide the sandbox participant’s first and second quarterly reports to each applicable agency.
(3)(c) No later than 30 days after the day on which an applicable agency receives the reports as described in Subsection (3)(b), the applicable agency shall provide a written report to the regulatory relief office on the demonstration that describes any statutory or regulatory reform the applicable agency recommends as a result of the demonstration.
(4) The regulatory relief office may request records, documents, and data from a sandbox participant and, upon the regulatory relief office’s request, the sandbox participant shall make such records, documents, and data available for inspection by the regulatory relief office.
(5)
(5)(a) The sandbox participant shall notify the regulatory relief office and each applicable agency of any incidents that result in harm to the health, safety, or financial well-being of a consumer.
(5)(b) If a sandbox participant fails to notify the regulatory relief office and each applicable agency of any incidents as described in Subsection (5)(a), or the regulatory relief office or an applicable agency has evidence that significant harm to a consumer has occurred, the regulatory relief office may immediately remove the sandbox participant from the regulatory sandbox.
(6)
(6)(a) No later than 30 days after the day on which a sandbox participant exits the regulatory sandbox, the sandbox participant shall submit a written report to the regulatory relief office and each applicable agency describing an overview of the sandbox participant’s demonstration, including any:
(6)(a)(i) incidents of harm to consumers;
(6)(a)(ii) legal action filed against the participant as a result of the participant’s demonstration; and
(6)(a)(iii) complaints filed with an applicable agency as a result of the participant’s demonstration.
(6)(b) No later than 30 days after the day on which an applicable agency receives a written report from a sandbox participant as described in Subsection (6)(a), the applicable agency shall provide a written report to the regulatory relief office on the demonstration that describes any statutory or regulatory reform the applicable agency recommends as a result of the demonstration.
(7) The regulatory relief office may remove a sandbox participant from the regulatory sandbox at any time if the regulatory relief office determines 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 or that constitutes a violation of a law or regulation for which suspension or waiver has not been granted.