- The Office of the Arizona Attorney General is responsible for approving and providing entry of applicants into the sandbox.
- The sandbox program will be administered by the Civil Division of the Office of the Arizona Attorney General.
- The regulatory sandbox will likely be active and ready to accept applications by late 2018.
- Application fee amounts will be determined by the Arizona Attorney General’s Office at a later date.
- Sandbox participants must provide detailed information regarding their service or product on a form prescribed by the Arizona Attorney General’s Office.
- Sandbox participants will have 24 months after their approval date to test their innovative financial product or service.
- A sandbox participant may be granted an extension of up to one year upon request to the Arizona Attorney General’s Office.
- Consumers must be Arizona residents.
- The sandbox provides caps on the numbers of individuals who may participate in a particular sandbox agreement and caps on the amount of loans that may be issued.
- The Arizona Consumer Fraud Act guides all products and services offered in the sandbox and any product offered in the sandbox must comply with all statutory limits and caps in Arizona law related to financial transactions.
- The program ends on July 1, 2028.
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