KRS § 15.268 General Regulatory Sandbox Program -- Applications.

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. Effective: March 15, 2024 History: Created 2023 Ky. Acts ch. 122, sec. 4, effective March 15, 2024.