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