Arizona Laws 41-5609. Recordkeeping and reporting requirements
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A. A sandbox participant must retain records, documents and data produced in the ordinary course of business regarding an innovation tested in the regulatory sandbox.
Terms Used In Arizona Laws 41-5609
- Innovation: means the use or incorporation of new or emerging technology or the reimagination of uses for existing 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. See Arizona Laws 41-5601
- 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. See Arizona Laws 41-5601
- Sandbox participant: means any person whose application to participate in the regulatory sandbox is approved pursuant to this chapter. See Arizona Laws 41-5601
B. If an innovation fails before the end of the testing period, the sandbox participant must notify the attorney general and report on actions taken to ensure consumers have not been harmed as a result of the innovation’s failure.
C. A sandbox participant is subject to the requirements of section 18-552 and must notify the attorney general of any breach as defined in section 18-551.