KRS § 15.268 — KY Code / Title III / Chapter 15 / Section 15.268
15.268 General Regulatory Sandbox Program -- Applications
Status: in_force

15.268 General Regulatory Sandbox Program -- Applications.

(1) The General Regulatory Sandbox Program is hereby created within the Kentucky

Office of Regulatory Relief to provide relevant information regarding the regulatory

sandbox program, including informing an applicant whether it may be more suitable

to apply for the program described in this section or KRS 304.3-705.

(2) An applicant for the regulatory sandbox may contact the regulatory relief office to

request a consultation regarding the regulatory sandbox before submitting an

application.

(3) An applicant for the regulatory sandbox shall submit to the regulatory relief office:

(a) The required application fee as determined by the regulatory relief office;

(b) A written application on a form prescribed by the regulatory relief office that:

1. Confirms the applicant is subject to the jurisdiction of the state;

2. Confirms the applicant has established a physical or virtual location in

the state, from which the demonstration of an innovative offering will be

developed and performed and where all required records, documents,

and data will be maintained;

3. Contains relevant personal and contact information for the applicant,

including legal names, addresses, telephone numbers, e-mail addresses,

website addresses, and other information required by the regulatory

relief office;

4. Discloses criminal convictions of the applicant or other participating

personnel, if any;

5. Contains a description of the innovative offering to be demonstrated,

including statements regarding:

a. How the offering is subject to licensing, legal prohibition, or other

authorization requirements outside of the regulatory sandbox;

b. Each administrative regulation that the applicant seeks to have

waived or suspended while participating in the regulatory sandbox

program;

c. How the offering would benefit consumers;

d. How the offering is different from other offerings available in the

state;

e. What risks might exist for consumers who use or purchase the

offering;

f. How participating in the regulatory sandbox would enable a

successful demonstration of the offering;

g. A description of the proposed demonstration plan, including

estimated time periods for beginning and ending the

demonstration;

h. Recognition that the applicant will be subject to administrative

regulations pertaining to the applicant's offering after conclusion

of the demonstration; and

i. How the applicant will end the demonstration and protect

consumers if the demonstration fails; and

6. Lists each governmental agency, if any, that the applicant knows

regulates the applicant's business; and

(c) Any other required information that the regulatory relief office deems

necessary.

(4) An applicant shall file a separate application for each innovative offering that the

applicant wishes to demonstrate.

(5) A person shall not be eligible to make an application under this section if the person

is seeking regulatory relief that is available under KRS 304.3-700 to 304.3-735.