(1) Not later than thirty days before the end of the twelve-month regulatory sandbox testing period, a sandbox participant may request an extension of the regulatory sandbox testing period for the purpose of obtaining a license or other authorization.

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(2) The department shall grant or deny a request for an extension by the end of the twelve-month regulatory sandbox testing period.

(3) The department may grant one extension in accordance with this section for not more than twelve months after the end of the regulatory sandbox testing period.

(4) A sandbox participant that obtains an extension in accordance with this section shall provide the department with a written report every three months that provides an update on efforts to obtain a license or other authorization required by law, including any applications submitted for licensure or other authorization, rejected applications, or issued licenses or other authorizations.