Ohio Code 1355.08 – Extension of testing period
(A) A sandbox participant may request an extension of the regulatory sandbox testing period for the purpose of pursuing a license or other authorization required by law.
Terms Used In Ohio Code 1355.08
- 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
(B) The superintendent of financial institutions may grant or deny a request for an extension pursuant to division (A) of this section by the end of the testing period. The superintendent shall not grant an extension that is effective for more than one year following the end of the initial regulatory sandbox testing period.
(C) A sandbox participant that obtains an extension pursuant to division (B) of this section shall provide the superintendent with a written report every three months that provides an update on the sandbox participant’s efforts to obtain a license or other authorization, including any submitted applications for licensure or other authorization, rejected applications, or issued licenses or other authorizations.
Last updated January 17, 2023 at 5:46 PM