Ohio Revised Code Search

...A)(1) Any person may apply to enter the regulatory sandbox to test a novel financial product or service. (2) A person shall file an application with the superintendent of financial institutions in order to test a novel financial product or service if either of the following applies: (a) The person does not hold a license or other authorization under Title XI or Chapter 1315., 1321., 1322., 1733., 4712., 4727., or...

...t the sandbox participant will exit the regulatory sandbox, wind down its test, and cease offering the novel financial product or service in the regulatory sandbox within sixty days of the end of the testing period; (2) Seek an extension pursuant to section 1355.08 of the Revised Code to pursue a license or other authorization required by law. (B) If the superintendent does not receive notification pursuant to di...

...roves an application for entry into the regulatory sandbox, the applicant is considered a sandbox participant and the superintendent shall issue the sandbox participant a license number. (B) The superintendent and sandbox participant shall enter into an agreement regarding the scope of the sandbox participant's test including any restrictions or limits on testing such as the number of consumers permitted to use the...

...r service is authorized pursuant to the regulatory sandbox and, if applicable, that the sandbox participant does not have a license or other authorization to generally provide products or services under state laws that regulate a financial product or service that is outside the regulatory sandbox; (3) That the state does not endorse or recommend the novel financial product or service; (4) That the novel financial...

...ection 1.59 of the Revised Code. (F) "Regulatory sandbox" means the program established by this chapter under which a person is licensed to temporarily test a novel financial product or service on a limited basis without otherwise being licensed or authorized to act under the laws of this state. (G) "Sandbox participant" means a person that has been granted a license to test a novel financial product or service i...

...inancial institutions shall establish a regulatory sandbox program in consultation with applicable agencies to enable a person to obtain limited access to the market in this state to test novel financial products or services without obtaining any other license or authorization that otherwise would be required.

...cies before admitting a person into the regulatory sandbox. This consultation may include seeking information about any of the following: (A) Whether the applicable agency previously has either: (1) Issued a license or other authorization to the applicant; (2) Investigated, sanctioned, or pursued legal action against the applicant. (B) Whether the applicant could obtain a license or other authorization from a...

...icipant may request an extension of the regulatory sandbox testing period for the purpose of pursuing a license or other authorization required by law. (B) The superintendent of financial institutions may grant or deny a request for an extension pursuant to division (A) of this section by the end of the testing period. The superintendent shall not grant an extension that is effective for more than one year followin...

...vel financial product or service in the regulatory sandbox. If, following revocation of a license or discontinuance of a novel financial product or service in accordance with this division, the person has any ongoing duties with respect to a novel financial product or service, the superintendent shall, in the order, provide for the fulfillment of those duties. (D) The revocation of a license or discontinuance of a ...

...ancial product or service tested in the regulatory sandbox. (B) If a novel financial product or service fails before the end of the testing period, the sandbox participant shall notify the superintendent of financial institutions and report on actions taken to ensure consumers have not been harmed as a result of the failure of the novel financial product or service. (C) A sandbox participant is subject to the req...

...(A) Except for the name of a sandbox participant and overview of a sandbox participant's novel financial product or service, records that are submitted to or obtained by the superintendent of financial institutions or an applicable agency pursuant to this chapter are not public records for the purposes of section 149.43 of the Revised Code and shall not be disclosed except in accordance with this section. The name of...