Effective: March 14, 2023
Latest Legislation: Senate Bill 249 - 134th General Assembly
(A) A sandbox participant shall retain records, documents, and data produced in the ordinary course of business regarding a novel financial product or service tested in the regulatory sandbox.
(B) If a novel financial product or service fails before the end of the testing period, the sandbox participant shall notify the superintendent of financial institutions and report on actions taken to ensure consumers have not been harmed as a result of the failure of the novel financial product or service.
(C) A sandbox participant is subject to the requirements of section 1349.19 of the Revised Code and shall notify the superintendent of any breach of the security of the system as defined in section 1349.19 of the Revised Code.
Last updated January 17, 2023 at 5:46 PM
Structure Ohio Revised Code
Title 13 | Commercial Transactions
Chapter 1355 | Regulatory Sandbox Program
Section 1355.01 | Definitions.
Section 1355.02 | Regulatory Sandbox Program.
Section 1355.03 | Application for Entry Into Sandbox.
Section 1355.04 | Input From Applicable Agencies.
Section 1355.05 | Terms of Participation in Sandbox.
Section 1355.06 | Consumer Disclosures.
Section 1355.07 | Exiting the Sandbox.
Section 1355.08 | Extension of Testing Period.
Section 1355.09 | Recordkeeping, Test Failure, Security Breach.
Section 1355.10 | Confidentiality and Disclosure of Information.