Terms Used In Utah Code > Title 63N > Chapter 16 > Part 2 - General Regulatory Sandbox Program

• Advisory committee: means the General Regulatory Sandbox Program Advisory Committee created in Section 63N-16-104. See Utah Code 63N-16-102
• 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
• Applicant: means a person that applies to participate in the regulatory sandbox. See Utah Code 63N-16-102
• Commission: means the Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-102
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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
• 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.
• Financial product or service: means :

  (a)	a financial product or financial service that requires state licensure or registration; or

  (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 Fraud: Intentional deception resulting in injury to another. 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. Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. 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 Person: means :Utah Code 68-3-12.5 Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Product: means a commercially distributed good that is: (a)  tangible personal property; (b)  the result of a production process; and (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