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| 2 | 2 | | |
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| 3 | 3 | | LCO No. 2640 1 of 9 |
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| 4 | 4 | | |
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| 5 | 5 | | General Assembly Raised Bill No. 5489 |
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| 6 | 6 | | February Session, 2020 |
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| 7 | 7 | | LCO No. 2640 |
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| 8 | 8 | | |
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| 9 | 9 | | |
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| 10 | 10 | | Referred to Committee on COMMERCE |
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| 11 | 11 | | |
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| 12 | 12 | | |
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| 13 | 13 | | Introduced by: |
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| 14 | 14 | | (CE) |
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| 15 | 15 | | |
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| 16 | 16 | | |
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| 17 | 17 | | |
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| 18 | 18 | | |
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| 19 | 19 | | AN ACT ESTABLISHING A REGULATORY SANDBOX PROGRAM. |
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| 20 | 20 | | Be it enacted by the Senate and House of Representatives in General |
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| 21 | 21 | | Assembly convened: |
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| 22 | 22 | | |
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| 23 | 23 | | Section 1. (NEW) (Effective October 1, 2020) (a) For the purposes of this 1 |
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| 24 | 24 | | section: 2 |
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| 25 | 25 | | (1) "Applicable agency" means a department or agency of this state 3 |
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| 26 | 26 | | that may regulate the type of financial product or service that comprises 4 |
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| 27 | 27 | | an innovative product or service in the state and persons who provide 5 |
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| 28 | 28 | | such product or service, including issuances of licenses or other types of 6 |
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| 29 | 29 | | authorization, which the Department of Economic and Community 7 |
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| 30 | 30 | | Development determines would otherwise regulate a sandbox 8 |
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| 31 | 31 | | participant; 9 |
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| 32 | 32 | | (2) "Applicant" means an individual or entity that is applying to 10 |
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| 33 | 33 | | participate in the regulatory sandbox; 11 |
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| 34 | 34 | | (3) "Blockchain technology" means the use of a digital database 12 |
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| 35 | 35 | | containing records of financial transactions, which can be 13 |
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| 36 | 36 | | simultaneously used and shared within a decentralized, publicly 14 |
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| 37 | 37 | | accessible network and can record transactions between two parties in 15 Raised Bill No. |
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| 38 | 38 | | |
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| 39 | 39 | | LCO No. 2640 2 of 9 |
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| 40 | 40 | | |
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| 41 | 41 | | a verifiable and permanent way; 16 |
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| 42 | 42 | | (4) "Commissioner" means the Commissioner of Economic and 17 |
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| 43 | 43 | | Community Development; 18 |
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| 44 | 44 | | (5) "Consumer" means a person that purchases or otherwise enters 19 |
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| 45 | 45 | | into a transaction or agreement to receive an innovative product or 20 |
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| 46 | 46 | | service that is being tested by a sandbox participant; 21 |
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| 47 | 47 | | (6) "Department" means the Department of Economic and 22 |
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| 48 | 48 | | Community Development; 23 |
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| 49 | 49 | | (7) "Financial product or service" means (A) a financial product or 24 |
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| 50 | 50 | | service that requires state licensure or registration, or (B) a financial 25 |
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| 51 | 51 | | product or service that includes a business model, delivery mechanism 26 |
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| 52 | 52 | | or element that may require a license or other authorization to act as a 27 |
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| 53 | 53 | | financial institution, enterprise or other entity that is regulated by the 28 |
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| 54 | 54 | | provisions of title 36a of the general statutes or other related provisions. 29 |
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| 55 | 55 | | "Financial product or service" does not include a product or service that 30 |
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| 56 | 56 | | is regulated by the provisions of title 38a or chapter 672a of the general 31 |
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| 57 | 57 | | statutes; 32 |
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| 58 | 58 | | (8) "Innovation" means the use or incorporation of a new or emerging 33 |
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| 59 | 59 | | technology or a new use of existing technology, including, but not 34 |
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| 60 | 60 | | limited to, blockchain technology, to address a problem, provide a 35 |
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| 61 | 61 | | benefit or otherwise offer a product, service, business model or delivery 36 |
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| 62 | 62 | | mechanism that is not known by the department to have a comparable 37 |
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| 63 | 63 | | widespread offering in the state; 38 |
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| 64 | 64 | | (9) "Innovative product or service" means a financial product or 39 |
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| 65 | 65 | | service that includes an innovation; 40 |
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| 66 | 66 | | (10) "Person" means any person, including individuals, firms, 41 |
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| 67 | 67 | | partnerships, associations, cooperatives, limited liability companies or 42 |
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| 68 | 68 | | corporations, public or private, for profit or nonprofit, organized or 43 |
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| 69 | 69 | | existing under the laws of the state or any other state; 44 |
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| 70 | 70 | | (11) "Regulatory sandbox" means the program established in 45 Raised Bill No. |
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| 71 | 71 | | |
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| 72 | 72 | | LCO No. 2640 3 of 9 |
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| 73 | 73 | | |
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| 74 | 74 | | subsection (b) of this section, which allows a person to temporarily test 46 |
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| 75 | 75 | | an innovative product or service on a limited basis without otherwise 47 |
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| 76 | 76 | | being licensed or authorized to act under any other provision of the 48 |
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| 77 | 77 | | general statutes; 49 |
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| 78 | 78 | | (12) "Sandbox participant" means a person whose application to 50 |
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| 79 | 79 | | participate in the regulatory sandbox is approved in accordance with 51 |
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| 80 | 80 | | the provisions of this section; and 52 |
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| 81 | 81 | | (13) "Test" means to provide an innovative product or service in 53 |
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| 82 | 82 | | accordance with the provisions of this section. 54 |
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| 83 | 83 | | (b) There is established within the Department of Economic and 55 |
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| 84 | 84 | | Community Development the regulatory sandbox program. Said 56 |
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| 85 | 85 | | program shall enable a person to obtain limited access to the market in 57 |
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| 86 | 86 | | this state to test innovative financial products or services without 58 |
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| 87 | 87 | | obtaining a license or other authorization that otherwise might be 59 |
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| 88 | 88 | | required. 60 |
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| 89 | 89 | | (c) (1) Notwithstanding any provision of the general statutes, any 61 |
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| 90 | 90 | | person may submit an application to the Commissioner of Economic 62 |
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| 91 | 91 | | and Community Development to enter the regulatory sandbox to test 63 |
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| 92 | 92 | | an innovation, provided such person is subject to the jurisdiction of the 64 |
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| 93 | 93 | | state and has established a physical location in the state, from which 65 |
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| 94 | 94 | | testing will be developed and performed and where all records, 66 |
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| 95 | 95 | | documents and data relating to such innovation will be maintained. 67 |
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| 96 | 96 | | Applications to enter the regulatory sandbox shall be submitted to the 68 |
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| 97 | 97 | | commissioner at such times and on such forms as the commissioner may 69 |
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| 98 | 98 | | prescribe. 70 |
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| 99 | 99 | | (2) Each application shall include, but need not be limited to: (A) 71 |
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| 100 | 100 | | Relevant personal and contact information for the applicant, including 72 |
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| 101 | 101 | | legal name, address, telephone number, email address, Internet web site 73 |
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| 102 | 102 | | address and any other information required by the commissioner; (B) 74 |
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| 103 | 103 | | disclosure of any criminal convictions of the applicant and other 75 |
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| 104 | 104 | | personnel who will participate in the testing of the innovation; (C) 76 |
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| 105 | 105 | | documentation that demonstrates to the commissioner's satisfaction 77 Raised Bill No. |
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| 106 | 106 | | |
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| 107 | 107 | | LCO No. 2640 4 of 9 |
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| 108 | 108 | | |
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| 109 | 109 | | that the applicant has the necessary personnel, financial and technical 78 |
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| 110 | 110 | | expertise, access to capital and a plan to test, monitor and assess the 79 |
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| 111 | 111 | | innovative product or service; (D) a description of the innovative 80 |
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| 112 | 112 | | product or service to be tested, including statements regarding the 81 |
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| 113 | 113 | | following: (i) How the innovative product or service is subject to 82 |
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| 114 | 114 | | licensing or other authorization requirements outside of the regulatory 83 |
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| 115 | 115 | | sandbox; (ii) how the innovative product or service would benefit 84 |
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| 116 | 116 | | consumers; (iii) how the innovative product or service is different from 85 |
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| 117 | 117 | | other products or services available in this state; (iv) what risks may 86 |
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| 118 | 118 | | confront consumers that use or purchase the innovative product or 87 |
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| 119 | 119 | | service; (v) how participating in the regulatory sandbox would enable a 88 |
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| 120 | 120 | | successful test of the innovative product or service; (vi) a description of 89 |
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| 121 | 121 | | the proposed testing plan, including estimated time periods for 90 |
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| 122 | 122 | | beginning the test, ending the test and obtaining licensure or 91 |
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| 123 | 123 | | authorizations after the testing is complete; (vii) a description of how 92 |
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| 124 | 124 | | the applicant will end the test and protect consumers if the test fails; and 93 |
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| 125 | 125 | | (viii) how the applicant will employ cybersecurity measures to avoid 94 |
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| 126 | 126 | | breaches and protect consumer and transaction data. After an 95 |
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| 127 | 127 | | application is filed, the commissioner may request any additional 96 |
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| 128 | 128 | | information from the applicant that the commissioner deems necessary 97 |
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| 129 | 129 | | to assess such application. 98 |
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| 130 | 130 | | (3) The Department of Economic and Community Development may 99 |
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| 131 | 131 | | charge any applicant an application fee in an amount determined by the 100 |
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| 132 | 132 | | commissioner. 101 |
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| 133 | 133 | | (4) An applicant shall submit a separate application for each 102 |
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| 134 | 134 | | innovative product or service that the applicant intends to test. 103 |
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| 135 | 135 | | (5) In reviewing an application under this subsection, the 104 |
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| 136 | 136 | | commissioner shall: (A) In consultation with each applicable agency, 105 |
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| 137 | 137 | | determine (i) whether the applicable agency has previously issued a 106 |
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| 138 | 138 | | license or other authorization to the applicant, (ii) whether the 107 |
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| 139 | 139 | | applicable agency has previously investigated, sanctioned or pursued 108 |
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| 140 | 140 | | legal action against the applicant, (iii) whether the applicant could 109 |
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| 141 | 141 | | obtain a license or other authorization from the applicable agency after 110 Raised Bill No. |
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| 142 | 142 | | |
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| 143 | 143 | | LCO No. 2640 5 of 9 |
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| 144 | 144 | | |
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| 145 | 145 | | exiting the regulatory sandbox, and (iv) whether certain licensure or 111 |
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| 146 | 146 | | other regulations should not be waived even if the applicant is accepted 112 |
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| 147 | 147 | | into the regulatory sandbox; (B) obtain approval from each applicable 113 |
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| 148 | 148 | | agency for the applicant to enter the regulatory sandbox; and (C) 114 |
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| 149 | 149 | | consider whether a competitor to the applicant is or has been a sandbox 115 |
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| 150 | 150 | | participant and, if so, favor allowing the applicant to become a sandbox 116 |
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| 151 | 151 | | participant. 117 |
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| 152 | 152 | | (6) If the commissioner and each applicable agency approve 118 |
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| 153 | 153 | | admitting an applicant into the regulatory sandbox, such applicant may 119 |
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| 154 | 154 | | become a sandbox participant. 120 |
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| 155 | 155 | | (7) The commissioner may deny any application submitted under this 121 |
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| 156 | 156 | | subsection for any reason, at the commissioner's discretion. 122 |
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| 157 | 157 | | (8) Not later than ninety days after a complete application is received 123 |
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| 158 | 158 | | by the commissioner, the commissioner shall inform the applicant as to 124 |
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| 159 | 159 | | whether such application is approved, except that the commissioner and 125 |
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| 160 | 160 | | the applicant may mutually agree to extend the time period for the 126 |
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| 161 | 161 | | commissioner to determine whether an application is approved. If the 127 |
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| 162 | 162 | | commissioner denies an application, the commissioner shall provide a 128 |
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| 163 | 163 | | written description of the reasons for the denial to the applicant. 129 |
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| 164 | 164 | | (d) (1) If the commissioner approves an application under subsection 130 |
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| 165 | 165 | | (c) of this section, the sandbox participant may test the innovative 131 |
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| 166 | 166 | | product or service described in such sandbox participant's application 132 |
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| 167 | 167 | | for twenty-four-months after the date of such application's approval. 133 |
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| 168 | 168 | | (2) An innovative product or service that is tested within the 134 |
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| 169 | 169 | | regulatory sandbox is subject to the following limitations: (A) 135 |
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| 170 | 170 | | Consumers of such innovative product or service shall be residents of 136 |
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| 171 | 171 | | the state; (B) the department may, on a case-by-case basis, specify the 137 |
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| 172 | 172 | | maximum number of consumers that may transact through or enter into 138 |
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| 173 | 173 | | an agreement to use the innovative product or service; (C) for a sandbox 139 |
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| 174 | 174 | | participant testing a consumer loan, the department may, on a case-by-140 |
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| 175 | 175 | | case basis, specify the maximum amount of an individual loan that may 141 |
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| 176 | 176 | | be issued to an individual consumer or the maximum amount of 142 Raised Bill No. |
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| 177 | 177 | | |
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| 178 | 178 | | LCO No. 2640 6 of 9 |
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| 179 | 179 | | |
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| 180 | 180 | | aggregate loans that may be issued to an individual consumer; and (D) 143 |
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| 181 | 181 | | for a sandbox participant testing an innovative product or service that 144 |
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| 182 | 182 | | would normally require a money transmission license under section 145 |
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| 183 | 183 | | 36a-597 of the general statutes, the department may, on a case-by-case 146 |
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| 184 | 184 | | basis, specify the maximum amount of a single transaction for an 147 |
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| 185 | 185 | | individual consumer or the maximum aggregate amount of transactions 148 |
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| 186 | 186 | | for an individual consumer. 149 |
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| 187 | 187 | | (3) This subsection shall not be construed to restrict a sandbox 150 |
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| 188 | 188 | | participant who holds a license or other authorization in another 151 |
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| 189 | 189 | | jurisdiction from acting in accordance with such license or other 152 |
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| 190 | 190 | | authorization. 153 |
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| 191 | 191 | | (4) A sandbox participant shall be deemed to possess an appropriate 154 |
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| 192 | 192 | | license under the laws of this state for the purposes of any provision of 155 |
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| 193 | 193 | | federal law requiring state licensure or authorization. 156 |
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| 194 | 194 | | (5) Except as otherwise provided in this section, a sandbox 157 |
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| 195 | 195 | | participant that is testing an innovative product or service is not subject 158 |
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| 196 | 196 | | to state laws that regulate financial products and services. 159 |
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| 197 | 197 | | (6) (A) The commissioner may apply any provision of the general 160 |
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| 198 | 198 | | statutes that regulates a financial product or service to a sandbox 161 |
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| 199 | 199 | | participant if the commissioner determines that: (i) An applicant's plan 162 |
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| 200 | 200 | | to protect consumers will not adequately protect consumers from the 163 |
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| 201 | 201 | | harm that such provision addresses; and (ii) the benefits to consumers 164 |
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| 202 | 202 | | of applying such provision outweigh the potential benefits to 165 |
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| 203 | 203 | | consumers from increased competition, innovation and consumer 166 |
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| 204 | 204 | | access that waiving such provision, in conjunction with the applicant's 167 |
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| 205 | 205 | | ability to compensate consumers who may be harmed, would provide; 168 |
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| 206 | 206 | | and (B) if the commissioner determines that certain provisions of the 169 |
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| 207 | 207 | | general statutes that regulate a financial product or service apply to a 170 |
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| 208 | 208 | | sandbox participant, the commissioner shall notify the sandbox 171 |
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| 209 | 209 | | participant of such applicable provisions. 172 |
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| 210 | 210 | | (7) Notwithstanding any other provision of this section, a sandbox 173 |
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| 211 | 211 | | participant shall not have immunity related to any criminal offense 174 Raised Bill No. |
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| 212 | 212 | | |
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| 213 | 213 | | LCO No. 2640 7 of 9 |
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| 214 | 214 | | |
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| 215 | 215 | | committed during the sandbox participant's participation in the 175 |
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| 216 | 216 | | regulatory sandbox. 176 |
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| 217 | 217 | | (8) By written notice, the commissioner may end a sandbox 177 |
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| 218 | 218 | | participant's participation in the regulatory sandbox at any time and for 178 |
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| 219 | 219 | | any reason, including if the commissioner determines a sandbox 179 |
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| 220 | 220 | | participant is not operating in good faith to bring an innovative product 180 |
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| 221 | 221 | | or service to market. 181 |
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| 222 | 222 | | (e) (1) Before providing an innovative product or service to a 182 |
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| 223 | 223 | | consumer, a sandbox participant shall disclose the following to the 183 |
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| 224 | 224 | | consumer: (A) The name and contact information of the sandbox 184 |
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| 225 | 225 | | participant; (B) that the innovative product or service is authorized 185 |
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| 226 | 226 | | pursuant to the provisions of this section and, if applicable, that the 186 |
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| 227 | 227 | | sandbox participant does not have a license or other authorization to 187 |
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| 228 | 228 | | provide such product or service under any other provision of the 188 |
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| 229 | 229 | | general statutes; (C) that the innovative product or service is undergoing 189 |
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| 230 | 230 | | testing and may not function as intended and may expose the customer 190 |
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| 231 | 231 | | to financial risk; (D) that the provider of the innovative product or 191 |
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| 232 | 232 | | service may be civilly liable for any losses or damages caused by the 192 |
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| 233 | 233 | | innovative product or service; (E) that the state does not endorse or 193 |
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| 234 | 234 | | recommend the innovative product or service; (F) that the innovative 194 |
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| 235 | 235 | | product or service is a temporary test that may be discontinued at the 195 |
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| 236 | 236 | | end of the testing period; (G) the expected end date of the testing period; 196 |
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| 237 | 237 | | and (H) that a consumer may contact the Department of Economic and 197 |
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| 238 | 238 | | Community Development to file a complaint regarding the innovative 198 |
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| 239 | 239 | | product or service being tested and provide the department's telephone 199 |
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| 240 | 240 | | number and Internet web site address where a complaint may be filed. 200 |
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| 241 | 241 | | (2) The disclosures required pursuant to subdivision (1) of this 201 |
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| 242 | 242 | | subsection shall be provided to a consumer in a clear and conspicuous 202 |
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| 243 | 243 | | form and, for an Internet or application-based innovative product or 203 |
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| 244 | 244 | | service, a consumer shall acknowledge receipt of the disclosure before a 204 |
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| 245 | 245 | | transaction may be completed. 205 |
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| 246 | 246 | | (3) The department may require that a sandbox participant make 206 |
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| 247 | 247 | | additional disclosures to a consumer. 207 Raised Bill No. |
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| 248 | 248 | | |
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| 249 | 249 | | LCO No. 2640 8 of 9 |
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| 250 | 250 | | |
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| 251 | 251 | | (f) (1) At least thirty days before the end of the twenty-four-month 208 |
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| 252 | 252 | | regulatory sandbox testing period, a sandbox participant shall: (A) 209 |
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| 253 | 253 | | Notify the department that the sandbox participant will exit the 210 |
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| 254 | 254 | | regulatory sandbox discontinue the test and will cease offering any 211 |
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| 255 | 255 | | innovative product or service in the regulatory sandbox within sixty 212 |
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| 256 | 256 | | days after the day on which the twenty-four-month testing period ends; 213 |
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| 257 | 257 | | or (B) seek an extension in accordance with subsection (g) of this section. 214 |
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| 258 | 258 | | (2) Subject to the provisions of subdivision (3) of this subsection, if 215 |
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| 259 | 259 | | the department does not receive notification as required by subdivision 216 |
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| 260 | 260 | | (1) of this subsection, the regulatory sandbox testing period shall end at 217 |
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| 261 | 261 | | the end of the twenty-four-month testing period and the sandbox 218 |
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| 262 | 262 | | participant shall immediately cease offering each innovative product or 219 |
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| 263 | 263 | | service being tested. 220 |
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| 264 | 264 | | (3) If a test includes offering an innovative product or service that 221 |
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| 265 | 265 | | requires ongoing duties, such as servicing a loan, the sandbox 222 |
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| 266 | 266 | | participant shall continue to fulfill those duties or arrange for another 223 |
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| 267 | 267 | | person to fulfill those duties after the date on which the sandbox 224 |
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| 268 | 268 | | participant exits the regulatory sandbox. 225 |
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| 269 | 269 | | (g) (1) A sandbox participant shall retain records, documents and 226 |
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| 270 | 270 | | data produced in the ordinary course of business regarding an 227 |
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| 271 | 271 | | innovative product or service tested in the regulatory sandbox. 228 |
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| 272 | 272 | | (2) If an innovative product or service fails before the end of a testing 229 |
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| 273 | 273 | | period, the sandbox participant shall notify the Department of 230 |
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| 274 | 274 | | Economic and Community Development and report on actions taken by 231 |
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| 275 | 275 | | the sandbox participant to ensure consumers have not been harmed as 232 |
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| 276 | 276 | | a result of the failure. 233 |
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| 277 | 277 | | (3) The commissioner may establish periodic reporting requirements 234 |
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| 278 | 278 | | for a sandbox participant. 235 |
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| 279 | 279 | | (4) The commissioner may request records, documents and data from 236 |
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| 280 | 280 | | a sandbox participant and, upon the department's request, a sandbox 237 |
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| 281 | 281 | | participant shall make such records, documents and data available for 238 Raised Bill No. |
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| 282 | 282 | | |
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| 283 | 283 | | LCO No. 2640 9 of 9 |
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| 284 | 284 | | |
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| 285 | 285 | | inspection by the department. 239 |
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| 286 | 286 | | (5) If the commissioner determines that a sandbox participant has 240 |
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| 287 | 287 | | engaged in, is engaging in or is about to engage in any practice or 241 |
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| 288 | 288 | | transaction that is in violation of this section or that constitutes a 242 |
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| 289 | 289 | | violation of state or federal criminal law, the commissioner may remove 243 |
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| 290 | 290 | | a sandbox participant from the regulatory sandbox. 244 |
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| 291 | 291 | | (h) On or before January 1, 2021, and annually thereafter, the 245 |
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| 292 | 292 | | Commissioner of Economic and Community Development shall submit 246 |
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| 293 | 293 | | a report, in accordance with the provisions of section 11-4a of the general 247 |
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| 294 | 294 | | statutes, concerning the regulatory sandbox program to the joint 248 |
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| 295 | 295 | | standing committee of the General Assembly having cognizance of 249 |
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| 296 | 296 | | matters relating to commerce. Such report shall include the number of 250 |
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| 297 | 297 | | applicants to the regulatory sandbox program, the number of sandbox 251 |
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| 298 | 298 | | participants, descriptions of each innovative product or service being 252 |
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| 299 | 299 | | tested in the regulatory sandbox and any recommendations for further 253 |
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| 300 | 300 | | legislative action. 254 |
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| 301 | 301 | | This act shall take effect as follows and shall amend the following |
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| 302 | 302 | | sections: |
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| 303 | 303 | | |
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| 304 | 304 | | Section 1 October 1, 2020 New section |
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| 305 | 305 | | |
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| 306 | 306 | | Statement of Purpose: |
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| 307 | 307 | | To establish a regulatory sandbox program, which allows a person to |
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| 308 | 308 | | temporarily test an innovative product or service on a limited basis |
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| 309 | 309 | | without otherwise being licensed or authorized to act by the laws of this |
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| 310 | 310 | | state. |
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| 311 | 311 | | [Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except |
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| 312 | 312 | | that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not |
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| 313 | 313 | | underlined.] |
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| 314 | 314 | | |
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