1. At least forty-five days before the end of the twenty-four-month demonstration period, a sandbox participant shall:
(1)Notify the regulatory relief office that the sandbox participant will exit the sandbox program and discontinue the sandbox participant's demonstration after the day on which the twenty-four-month demonstration period ends; or
(2)Seek an extension pursuant to subsection 4 of this section.
2. If the regulatory relief office does not receive notification as required by subsection 1 of this section, the demonstration period shall end at the end of the twenty-four-month demonstration period.
3. If a demonstration includes an innovative offering that requires ongoing services or duties beyond the twenty-four-month demonstration period, the sandbox participant may c
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1. At least forty-five days before the end of the twenty-four-month demonstration period, a sandbox participant shall:
(1) Notify the regulatory relief office that the sandbox participant will exit the sandbox program and discontinue the sandbox participant's demonstration after the day on which the twenty-four-month demonstration period ends; or
(2) Seek an extension pursuant to subsection 4 of this section.
2. If the regulatory relief office does not receive notification as required by subsection 1 of this section, the demonstration period shall end at the end of the twenty-four-month demonstration period.
3. If a demonstration includes an innovative offering that requires ongoing services or duties beyond the twenty-four-month demonstration period, the sandbox participant may continue to demonstrate the innovative offering but shall be subject to enforcement of the regulations that were waived or suspended as part of the sandbox program.
4. (1) No later than forty-five days before the end of the twenty-four-month demonstration period, a sandbox participant may request an extension of the demonstration period.
(2) The regulatory relief office shall grant or deny a request for an extension by the end of the twenty-four-month demonstration period.
(3) The regulatory relief office may grant an extension for not more than twelve months after the end of the demonstration period.
(4) Sandbox participants may apply for additional extensions in accordance with the criteria used to assess their initial application, up to a cumulative maximum of seven years inclusive of the original twenty-four-month demonstration period.
(5) Notwithstanding the provisions of subsection 3 of this section to the contrary, if a sandbox participant is granted an extension pursuant to this subsection beyond the twenty-four-month demonstration period, the demonstration shall not be subject to enforcement of the regulations that were waived or suspended as part of the sandbox program until the end of the extended demonstration period.
5. (1) A sandbox participant shall retain records, documents, and data produced in the ordinary course of business regarding an innovative offering demonstrated in the sandbox program for twenty-four months after exiting the sandbox program.
(2) The regulatory relief office may request relevant records, documents, and data from a sandbox participant, and, upon the regulatory relief office's request, the sandbox participant shall make such records, documents, and data available for inspection by the regulatory relief office.
(3) The failure to timely provide the records, documents, and data required in this subsection shall result in removal from the program.
6. If a sandbox participant ceases to provide an innovative offering before the end of a demonstration period, the sandbox participant shall notify the regulatory relief office and each applicable agency and report on actions taken by the sandbox participant to ensure consumers have not been harmed as a result.
7. The regulatory relief office shall establish quarterly reporting requirements for each sandbox participant, including information about any consumer complaints.
8. No later than thirty days after the day on which a sandbox participant exits the sandbox program, the sandbox participant shall submit a written report to the regulatory relief office and each applicable agency describing an overview of the sandbox participant's demonstration. Failure to submit such a report shall result in the sandbox participant and any entity that later employs a member of the leadership team of the sandbox participant being prohibited from future participation in the sandbox program. Such report shall include any:
(1) Incidents of harm to consumers;
(2) Legal action filed against the sandbox participant as a result of the participant's demonstration; or
(3) Complaint filed with an applicable agency as a result of the sandbox participant's demonstration.
9. No later than thirty days after the day on which an applicable agency receives the quarterly report required by subsection 7 of this section or a written report from a sandbox participant as required by subsection 8 of this section, the applicable agency shall provide a written report to the regulatory relief office on the demonstration, which describes any statutory or regulatory reform the applicable agency recommends as a result of the demonstration.
10. The regulatory relief office may remove a sandbox participant from the sandbox program at any time if the regulatory relief office determines 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 sections 620.3900 to 620.3930 or that constitutes a violation of a law or regulation for which suspension or waiver has not been granted pursuant to the sandbox program. Information on any removal of a sandbox participant for engaging in any practice or transaction that constitutes a violation of law or regulation for which suspension or waiver has not been granted pursuant to the sandbox program shall be made publicly available on the regulatory sandbox webpage, provided, however, that any information that constitutes proprietary or confidential trade secrets shall not be subject to disclosure pursuant to chapter 610 .