In this chapter, unless the context otherwise requires:

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1. "Applicable agency" means a department or agency of this state established by law to regulate certain types of business activity in this state and persons engaged in such business, including the issuance of licenses or other types of authorization, that the attorney general determines would or may regulate a sandbox participant if the person was not a regulatory sandbox participant.

2. "Consumer":

(a) Means a person that purchases or enters into a transaction for an innovation that is being tested by a sandbox participant.

(b) Does not include an agent or business partner of or an investor in a sandbox participant.

3. "Financial product or service" means a product or service that requires licensure under title 6 or Title 44, Chapter 2.1 or 13 or a product or service that includes a business model, delivery mechanism or element that may otherwise be regulated under title 6 or Title 44, Chapter 2.1 or 13.

4. "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.

5. "Innovative financial product or service" means a financial product or service that includes an innovation.

6. "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.

7. "Sandbox participant" means any person whose application to participate in the regulatory sandbox is approved pursuant to this chapter.

8. "Test" means to provide products and services as allowed by this chapter.