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AZ HB2906

AZ HB2906
Financial technology; digital assets program


summary

Introduced
02/12/2025
In Committee
03/24/2025
Crossed Over
02/26/2025
Passed
04/16/2025
Dead
Vetoed
04/18/2025

Introduced Session

Potential new amendment
Fifty-seventh Legislature - First Regular Session (2025)

Bill Summary

AN ACT Amending sections 41-1491.10, 41-5601, 41-5602, 41-5603, 41-5604, 41-5605, 41-5606, 41-5607, 41-5608, 41-5609 and 41-5611, Arizona Revised Statutes; relating to the regulatory sandbox program.

AI Summary

This bill updates Arizona's existing regulatory sandbox program, renaming it the "Financial Technology, Digital Assets and Blockchain Sandbox" and expanding its scope to explicitly include digital assets. The bill modifies the definitions and operational details of the sandbox program, which allows innovative financial technology companies to temporarily test new products and services with consumers without obtaining a full traditional license. Key changes include broadening the definition of "digital assets" to encompass cryptocurrencies and other digital-only assets, expanding the types of innovations that can be tested, and clarifying consumer protection requirements. The program allows companies to test innovations with up to 17,500 consumers over a 24-month period, with potential extensions, and requires participants to provide clear disclosures to consumers about the experimental nature of their products. The Attorney General maintains sole authority to approve applications, monitor participants, and enforce consumer protection standards. Participants must provide detailed information about their innovations, demonstrate adequate financial capitalization, and have a plan to protect consumers if the test fails. The bill aims to create a more flexible regulatory environment that encourages financial technology innovation while maintaining consumer safeguards.

Committee Categories

Budget and Finance, Business and Industry

Sponsors (1)

Last Action

Governor Vetoed (on 04/18/2025)

bill text


bill summary

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bill summary

Document Type Source Location
State Bill Page https://apps.azleg.gov/BillStatus/BillOverview/83382
Analysis - HOUSE SUMMARY: 05/28/2025 Vetoed https://apps.azleg.gov/BillStatus/GetDocumentPdf/530638
Governor's Letter https://apps.azleg.gov/BillStatus/GetDocumentPdf/529540
Analysis - SENATE FACT SHEET: 04/22/2025 FIN As Vetoed https://apps.azleg.gov/BillStatus/GetDocumentPdf/529595
Analysis - SENATE FACT SHEET: 03/13/2025 FIN https://apps.azleg.gov/BillStatus/GetDocumentPdf/527480
BillText https://www.azleg.gov/legtext/57leg/1r/bills/hb2906h.htm
House COW 02/25 - Floor Amend to Bill - Weninger https://apps.azleg.gov/BillStatus/GetCalendarBillAmendmentPdf/?calendarBillId=800843&itemId=0
HOUSE - Floor Amend to Bill - Weninger - passed https://apps.azleg.gov/BillStatus/GetDocumentPdf/525799
Analysis - HOUSE SUMMARY: 02/25/2025 House Engrossed https://apps.azleg.gov/BillStatus/GetDocumentPdf/525815
Analysis - HOUSE SUMMARY: 02/20/2025 Caucus & COW https://apps.azleg.gov/BillStatus/GetDocumentPdf/525280
Analysis - HOUSE SUMMARY: 02/16/2025 Commerce https://apps.azleg.gov/BillStatus/GetDocumentPdf/524450
BillText https://www.azleg.gov/legtext/57leg/1r/bills/hb2906p.htm
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