304.3-720 One-year period for beta test -- Extension by commissioner -- Terms and conditions -- Early termination -- Cease and desist order -- Appeal. (1) The time period for a beta test shall be one (1) year. The time period may be extended by the commissioner in the notice of acceptance for a period that is not longer than one (1) year if a request is made in accordance with KRS 304.3- 705(1)(e). (2) During the beta test, the participant and any clients of the participant shall: (a) Comply with all terms and conditions set forth in the limited no-action letter; and (b) Provide the department with all documents, data, and information requested by the commissioner. (3) (a) For any violation of the terms or conditions set forth in the limited letter, the commissioner may: 1. 2. Issue an order terminating the beta test and the safe harbor of the limited letter before the time period set forth in the limited letter has expired; and Impose a fine of not more than two thousand dollars ($2,000) per violation. (b) The commissioner may also issue an order under paragraph (a)1. of this the subsection commissioner determines the beta test is causing consumer harm. information or complaints, receipt of following if, (4) (a) The commissioner may issue an order requiring a client to cease and desist any activity violating the terms or conditions set forth in the limited letter. (b) The issuance of a cease and desist order to one (1) client shall not otherwise impact the ability of the participant or any other clients to continue activities relating to the innovation in a manner compliant with the requirements of the limited letter. (5) A participant or client may request a hearing on any order issued under this section pursuant to KRS 304.2-310. Effective: June 27, 2019 History: Created 2019 Ky. Acts ch. 147, sec. 5, effective June 27, 2019.