Section 620.3925

Title XL ADDITIONAL EXECUTIVE DEPARTMENTS

Chapter 620

Effective - 28 Aug 2024   

  620.3925.  Consumer protection for regulatory sandbox. — 1.  Before demonstrating an innovative offering to a consumer, a sandbox participant shall disclose the following information to the consumer:

  (1)  The name and contact information of the sandbox participant;

  (2)  A statement that the innovative offering is authorized pursuant to the sandbox program and, if applicable, that the sandbox participant does not have a license or other authorization to provide an innovative offering under state laws that regulate offerings outside of the sandbox program;

  (3)  A statement that specific regulations have been waived for the sandbox participant for the duration of its demonstration in the sandbox program, with a summary of such waived regulations;

  (4)  A statement that the innovative offering is undergoing testing and may not function as intended and may expose the consumer to certain risks as identified by the applicable agency's written report;

  (5)  A statement that the provider of the innovative offering is not immune from civil liability for any losses or damages caused by the innovative offering;

  (6)  A statement that the provider of the innovative offering is not immune from criminal prosecution for violations of state regulations that are not suspended or waived as allowed within the sandbox program;

  (7)  A statement that the innovative offering is a temporary demonstration that may be discontinued at the end of the demonstration period;

  (8)  The expected end date of the demonstration period; and

  (9)  A statement that a consumer may contact the regulatory relief office and file a complaint regarding the innovative offering being demonstrated, providing the regulatory relief office's telephone number, email address, and website address where a complaint may be filed.

  2.  The disclosures required by subsection 1 of this section shall be provided to a consumer in a clear and conspicuous form and, for an internet- or application-based innovative offering, a consumer shall acknowledge receipt of the disclosure before any transaction may be completed.

  3.  The regulatory relief office may require that a sandbox participant make additional disclosures to a consumer.

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(L. 2024 S.B. 894 & 825)