Terms Used In Ohio Code > Chapter 1355 - Regulatory Sandbox Program

• Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
• Applicable agency: means a department or agency of the state to which both of the following apply:

  (1) It is authorized 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. See Ohio Code 1355.01

• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Consumer: includes a legal representative of the person. See Ohio Code 1355.01
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Financial product or service: means a product or service that requires licensure or other authorization under, or that includes a business model, delivery mechanism, or element that requires a license or other authorization to act as a financial institution or other person that is regulated by, Title XI or Chapter 1315. See Ohio Code 1355.01
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Novel financial product or service: means a financial product or service that makes use of or incorporates new or emerging technology, or reimagines uses of existing technologies, to address a problem, provide a benefit, or otherwise offer a product, service, business model, or delivery mechanism that is not known by the superintendent of financial institutions to have a comparable widespread offering in this state. See Ohio Code 1355.01
• Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• 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
• state: means the state of Ohio. See Ohio Code 1.59
• Subpoena: A command to a witness to appear and give testimony.
• Test: means to provide products and services as allowed by this chapter. See Ohio Code 1355.01
• United States: includes all the states. See Ohio Code 1.59