REFERENCE TITLE: regulatory sandbox; blockchain |
State of Arizona Senate Fifty-sixth Legislature Second Regular Session 2024
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SB 1366 |
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Introduced by Senators Bolick: Fernandez; Representative Wilmeth
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An Act
amending section 41-5601, Arizona Revised Statutes; relating to the regulatory sandbox program.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 41-5601, Arizona Revised Statutes, is amended to read:
41-5601. Definitions
In this chapter, unless the context otherwise requires:
1. "Applicable agency" means a department or agency of this state established by law to regulate certain types of business activity in this state and persons engaged in such business, including the issuance of licenses or other types of authorization, that the attorney general determines would or may regulate a sandbox participant if the person was not a regulatory sandbox participant.
2. "Blockchain technology" has the same meaning prescribed in section 44-7061.
2. 3. "Consumer":
(a) Means a person that purchases or enters into a transaction for an innovation that is being tested by a sandbox participant.
(b) Does not include an agent or business partner of or an investor in a sandbox participant.
3. 4. "Financial product or service" means a product or service that requires licensure under title 6 or title 44, chapter 2.1 or 13 or a product or service that includes a business model, delivery mechanism or element that may otherwise be regulated under title 6 or title 44, chapter 2.1 or 13.
4. 5. "Innovation" means the use or incorporation of a new or existing idea or a new or emerging technology or the reimagination of uses for a new use of existing technology, including blockchain technology, to address a problem, provide a benefit or otherwise offer a product, service, business model or delivery mechanism that is not known by the attorney general to have a comparable widespread offering in this state production method or service.
5. 6. "Innovative financial product or service" means a financial product or service that includes an innovation.
6. 7. "Regulatory sandbox" means the program established by this chapter that allows a person to temporarily test an innovation on a limited basis without otherwise being licensed or authorized to act under the laws of this state.
7. 8. "Sandbox participant" means any person whose application to participate in the regulatory sandbox is approved pursuant to this chapter.
8. 9. "Test" means to provide products and services as allowed by this chapter.