18-605. Scope

A. If the chief executive officer approves an application for entry into the property technology sandbox, the applicant is deemed a sandbox participant and both of the following apply:

1. The sandbox participant has twenty-four months after the date of approval to test the innovation described in the sandbox participant's application.

2. The chief executive officer must issue the sandbox participant a registration number.

B. This section does not restrict a sandbox participant that holds an authorization in another jurisdiction from acting pursuant to and in accordance with that authorization.

C. A sandbox participant is deemed to possess an appropriate authorization under the laws of this state for purposes of any provision of federal law requiring state authorization.

D. Except as otherwise provided in this chapter, a sandbox participant is not subject to state laws that establish requirements pursuant to an authorization issued by an applicable agency that otherwise would or may regulate a property product or service.

E. The chief executive officer may determine that certain state laws that regulate a property product or service apply to a sandbox participant. If the chief executive officer makes this determination and approves an application for entry into the property technology sandbox, the chief executive officer must notify the sandbox participant of the specific state property technology laws that apply to that sandbox participant.

F. A sandbox participant may obtain, record, provide or maintain in an electronic form, including as provided in section 44-7601, any information, writing, signature, record or disclosure that is required by this chapter or may substitute any substantially similar equivalent information, writing, signature, record or disclosure that is approved by the chief executive officer.