(1) Before providing an innovative product or service to a consumer, a sandbox participant shall disclose the following to the consumer: (a) the name and contact information of the sandbox participant; (b) that the innovative product or service is authorized pursuant to the regulatory sandbox and, if applicable, that the sandbox participant does not have a license or other authorization to provide a product or service under state laws that regulate products or services outside the regulatory sandbox; (c) that the innovative product or service is undergoing testing and may not function as intended and may expose the customer to financial risk; (d) that the provider of the innovative product or service is not immune from civil liability for any losses or damages caused by the innovative product or service; (e) that the state does not endorse or recommend the innovative product or service; (f) that the innovative product or service is a temporary test that may be discontinued at the end of the testing period; (g) the expected end date of the testing period; and (h) that a consumer may contact the department to file a complaint regarding the innovative product or service being tested and provide the department's telephone number and website address where a complaint may be filed.
(a) the name and contact information of the sandbox participant;
(b) that the innovative product or service is authorized pursuant to the regulatory sandbox and, if applicable, that the sandbox participant does not have a license or other authorization to provide a product or service under state laws that regulate products or services outside the regulatory sandbox;
(c) that the innovative product or service is undergoing testing and may not function as intended and may expose the customer to financial risk;
(d) that the provider of the innovative product or service is not immune from civil liability for any losses or damages caused by the innovative product or service;
(e) that the state does not endorse or recommend the innovative product or service;
(f) that the innovative product or service is a temporary test that may be discontinued at the end of the testing period;
(g) the expected end date of the testing period; and
(h) that a consumer may contact the department to file a complaint regarding the innovative product or service being tested and provide the department's telephone number and website address where a complaint may be filed.
(2) The disclosures required by Subsection (1) shall be provided to a consumer in a clear and conspicuous form and, for an internet or application-based innovative product or service, a consumer shall acknowledge receipt of the disclosure before a transaction may be completed.
(3) The department may require that a sandbox participant make additional disclosures to a consumer.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.