Ohio § 1355.11

§ 1355.11.

(A) The superintendent of financial institutions may establish periodic reporting requirements

for sandbox participants. (B) The superintendent may seek records, documents, and data from sandbox participants.  Upon the superintendent's request, a sandbox participant shall make such records,

documents, and data available for inspection by the superintendent. (C) If the superintendent has reasonable cause to believe that a sandbox participant

has engaged in, is engaging in, or is about to engage in any practice or transaction

that is in violation of this chapter, that constitutes an unfair act or practice or

an unconscionable act or practice under Chapter 1345. of the Revised Code, or that

constitutes a violation of a state or federal criminal law, the superintendent may

revoke the person's license to test one or more novel financial products or services

or order the sandbox participant to immediately discontinue a novel financial product

or service in the regulatory sandbox.  If, following revocation of a license or discontinuance of a novel financial product

or service in accordance with this division, the person has any ongoing duties with

respect to a novel financial product or service, the superintendent shall, in the

order, provide for the fulfillment of those duties. (D) The revocation of a license or discontinuance of a novel financial product or service

described in division (C) of this section is not an appealable action for the purposes

of section 119.12 of the Revised Code . (E) If a novel financial product or service is a type of loan that would otherwise be

subject to Chapter 1321. of the Revised Code, the sandbox participant offering that

product or service shall not charge interest and fees in connection with the loan

that exceed the maximum otherwise permitted for that type of loan under Chapter 1321.

of the Revised Code. (F) A sandbox participant is subject to sections 1345.01 to 1345.13 of the Revised Code unless exempted pursuant to division (B)(3) of section 1355.03 of the Revised Code .  A new motor vehicle dealer licensed under Chapter 4517. of the Revised Code or any

other third party who assists a consumer in financing a good or service with a novel

financial product or service offered by a sandbox participant is not subject to sections 1345.01 to 1345.13 of the Revised Code with respect to such assistance. (G) The superintendent may enter into agreements with state, federal, or foreign regulators

that allow sandbox participants to operate in other jurisdictions and allow entities

authorized to operate in other jurisdictions to be recognized as sandbox participants

in this state. (H) The superintendent may work with any other state or federal agency to implement the

regulatory sandbox program, including innovateohio and the office of the attorney

general. (I) The superintendent shall publish and make publicly available a report every two years

on the performance of sandbox participants and their novel financial products and

services.  The report shall include an assessment of how the ability of sandbox participants

to operate without being subject to regulations to which the sandbox participants

otherwise would have been subject affected the development and performance of the

novel financial products and services.  The report shall not disclose any proprietary information nor any information the

disclosure of which is prohibited under section 1355.10 of the Revised Code .