Arizona Laws 41-5606. Consumer protection
A. Before providing an innovation to consumers, a sandbox participant must disclose to consumers all of the following:
Terms Used In Arizona Laws 41-5606
- Financial product or service: means a product or service that requires licensure under title 6 or Title 44, Chapter 2. See Arizona Laws 41-5601
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- 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
- Test: means to provide products and services as allowed by this chapter. See Arizona Laws 41-5601
1. The name and contact information of the sandbox participant, including the registration number provided by the attorney general pursuant to section 41-5605.
2. That the innovation 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 financial products or services or innovations under state laws that regulate a financial product or service or innovation that is outside the regulatory sandbox.
3. That this state does not endorse or recommend the innovation.
4. That the innovation 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 attorney general to file complaints regarding the innovation being tested and provide the attorney general’s telephone number and website address where complaints may be filed.
B. The notifications prescribed by subsection A of this section must be provided to consumers in a clear and conspicuous form in both English and Spanish. For an internet or application-based innovation, consumers must acknowledge receipt of these notifications before completion of a transaction.
C. The attorney general may require that a sandbox participant make additional disclosures to consumers. When the attorney general approves an application for entry into the regulatory sandbox, the attorney general shall notify the sandbox participant of the additional disclosures.