Ohio Code 1355.06 – Consumer disclosures
(A) Before providing a novel financial product or service to a consumer, a sandbox participant shall disclose to the consumer all of the following:
Terms Used In Ohio Code 1355.06
- Consumer: includes a legal representative of the person. See Ohio Code 1355.01
- Financial product or service: means a product or service that requires licensure or other authorization under, or that includes a business model, delivery mechanism, or element that requires a license or other authorization to act as a financial institution or other person that is regulated by, Title XI or Chapter 1315. See Ohio Code 1355.01
- Novel financial product or service: means a financial product or service that makes use of or incorporates new or emerging technology, or reimagines uses of existing technologies, to address a problem, provide a benefit, or otherwise offer a product, service, business model, or delivery mechanism that is not known by the superintendent of financial institutions to have a comparable widespread offering in this state. See Ohio Code 1355.01
- 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. See Ohio Code 1355.01
- Sandbox participant: means a person that has been granted a license to test a novel financial product or service in the regulatory sandbox. See Ohio Code 1355.01
- state: means the state of Ohio. See Ohio Code 1.59
- Test: means to provide products and services as allowed by this chapter. See Ohio Code 1355.01
(1) The name and contact information of the sandbox participant, including the license number provided by the superintendent of financial institutions pursuant to division (A) of section 1355.05 of the Revised Code;
(2) That the novel financial product or 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 product or service is a temporary test that may be discontinued at the end of the testing period, including the expected end date of the testing period;
(5) That consumers may contact the superintendent to file complaints regarding the novel financial product or service being tested and provide the superintendent’s telephone number and web site address where complaints may be filed.
(B) The notifications prescribed by division (A) of this section shall be provided to consumers in a clear and conspicuous form. For internet- or application-based novel financial products or services, the sandbox participant shall require consumers to acknowledge receipt of these notifications before completion of a transaction.
(C) The superintendent may require a sandbox participant to make additional disclosures to consumers. When the superintendent approves an application for entry into the regulatory sandbox, the superintendent shall notify the sandbox participant of any additional required disclosures.
Last updated January 17, 2023 at 5:45 PM