(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.
(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.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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