Arizona Establishes Regulatory Sandbox for Testing Financial Products and Services Without Full State Licensure

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Under Arizona law, a Regulatory Sandbox has been established that enables a business to obtain limited access to the Arizona market for the purpose of testing innovative financial products or services without first obtaining a state license or other authorization that otherwise might be required. The Arizona Attorney General’s Office is responsible for administering the Sandbox.  Businesses that are interested in utilizing the Sandbox must submit an application, including a $500 application fee, and be approved by the state.  Once a business is approved to enter the Sandbox, it may perform limited testing subject to certain restrictions depending on the product or service being tested.

Full details of the Arizona Regulatory Sandbox program, including the application, may be found here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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