A. If the attorney general approves an application for entry into the regulatory sandbox, the applicant is deemed a sandbox participant and both of the following apply:

1. 1. The sandbox participant has twenty-four months after the date of approval to test the innovation described in the sandbox participant's application.
2. 2. The attorney general must issue the sandbox participant a registration number.

B. Innovations tested within the regulatory sandbox are subject to the following restrictions:

1. 1. Consumers must be residents of this state, except for transactions that involve an innovation provided by a sandbox participant testing financial products or services as a money transmitter as defined in section 6-1241 or a related innovation, in which case only physical presence of the consumer in this state at the time of the transaction may be required.
2. 2. Except as provided in subsection C of this section or section 41-5608, an innovation may not be tested with more than ten thousand consumers.

3. 3. For a sandbox participant testing consumer lender loans as defined in section 6-601, an individual consumer lender loan may be issued for up to $15,000, except that aggregate loans per consumer may not exceed $50,000. All consumer lender loans issued in the regulatory sandbox, including loans in excess of $10,000, are subject to all of the following:

   1. (a) Section 6-114.
   2. (b) Section 6-632.
   3. (c) Section 6-635, subsections A, B and C.
   4. (d) Section 6-637.
4. 4. Except as provided in subsection C of this section, for a sandbox participant testing financial products or services as a money transmitter as defined in section 6-1241, individual transactions per consumer may not exceed $2,500 and aggregate transactions per consumer may not exceed $25,000.

5. 5. For sandbox participants testing financial products or services as a sales finance company as defined in section 44-281, all of the following apply:

   1. (a) Section 44-286.
   2. (b) Section 44-287, except subsection B, paragraph 8.
   3. (c) Section 44-288.
   4. (d) Section 44-289.
   5. (e) Section 44-290.
   6. (f) Section 44-291.
   7. (g) Section 44-293.
   8. (h) Section 47-9601.

6. 6. For sandbox participants testing financial products or services that provide investment management that is regulated pursuant to title 44, chapter 13:

   1. (a) Section 44-3241 applies.
   2. (b) The corporation commission rules adopted pursuant to title 44, chapter 13 apply as they relate to dishonest and unethical practices.

C. If a sandbox participant demonstrates adequate financial capitalization, risk management process and management oversight, the attorney general may allow either or both of the following:

1. 1. Except as provided in section 41-5608, an innovation to not be tested with more than seventeen thousand five hundred consumers.
2. 2. For a sandbox participant testing products or services as a money transmitter as defined in section 6-1241, individual transactions per consumer that do not exceed $15,000 and aggregate transactions per consumer that do not exceed $50,000.