§ 18-601 — Definitions

In this chapter, unless the context otherwise requires:

1. "Applicable agency" means a department or agency of this state established by law to regulate certain types of business activity in this state and persons engaged in such business, including types of authorization, that the chief executive officer determines would regulate a sandbox participant.

2. "Chief executive officer" means the chief executive officer of the Arizona commerce authority.

3. "Consumer" means a person that purchases or otherwise enters into a transaction or agreement to receive an innovative property product or service that is being tested by a sandbox participant.

4. "Innovation" means, with respect to providing a property product or service or a substantial component of a property product or service, the use or incorporation of new or emerging technology or the reimagination of uses for existing technology to address a problem, provide a benefit or otherwise offer a product, service, business model or delivery mechanism that is not known by the chief executive officer to have a comparable widespread offering in this state.

5. "Innovative property product or service" means a property product or service that includes an innovation.

6. "Property product or service":

(a) Means a product or service that includes a business model, delivery mechanism or element that may otherwise require an authorization to act as a property institution or enterprise or other entity or an action not yet contemplated by statute.

(b) Does not include a product or service that is related to the physical new construction of improvements to real property.

7. "Property technology sandbox" means the program established by this chapter that allows a person to temporarily test innovative property products or services on a limited basis without otherwise being authorized to act under the laws of this state.

8. "Sandbox participant" means a person whose application to participate in the property technology sandbox is approved pursuant to this chapter.

9. "Test" means to provide products and services as allowed by this chapter.