Arizona Laws 18-608. Recordkeeping and reporting requirements
Current as of: 2024 | Check for updates
|
Other versions
A. A sandbox participant must retain records, documents and data produced in the ordinary course of business regarding an innovation tested in the property technology sandbox.
Terms Used In Arizona Laws 18-608
- Chief executive officer: means the chief executive officer of the Arizona commerce authority. See Arizona Laws 18-601
- Innovation: means , with respect to providing a property product or service or a substantial component of a property product or service, 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 chief executive officer to have a comparable widespread offering in this state. See Arizona Laws 18-601
- Property technology sandbox: means the program established by this chapter that allows a person to temporarily test innovative property products or services on a limited basis without otherwise being authorized to act under the laws of this state. See Arizona Laws 18-601
- Sandbox participant: means a person whose application to participate in the property technology sandbox is approved pursuant to this chapter. See Arizona Laws 18-601
B. If an innovation fails before the end of the testing period, the sandbox participant must notify the chief executive officer 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 chief executive officer of any breach as defined in section 18-551.