41-5607. Exit requirements
A. At least thirty days before the end of the twenty-four-month regulatory sandbox testing period, a sandbox participant must either:
1. Notify the attorney general that the sandbox participant will exit the regulatory sandbox, wind down its test and cease offering any innovative products or services in the regulatory sandbox within sixty days after the twenty-four-month testing period ends.
2. Seek an extension pursuant to section 41-5608 to pursue a license or other authorization required by law.
B. If the attorney general does not receive notification pursuant to subsection A of this section, the regulatory sandbox testing period ends at the end of the twenty-four-month testing period and the sandbox participant must immediately cease offering innovative products or services.
C. If a test includes offering products or services that require ongoing duties, such as servicing a loan, the sandbox participant must continue to fulfill those duties or arrange for another person to fulfill those duties after the date the sandbox participant exits the regulatory sandbox.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
