OHIO GENERAL ASSEMBLY PASSES REGULATORY SANDBOX BILL

The Ohio General Assembly passed S.B. No. 249 to create a regulatory sandbox program for novel financing products and services. The bill requires the Ohio Superintendent of Financial
Intuitions to establish a regulatory sandbox program to enable a person to test novel financial products and services in Ohio on a temporary basis without obtaining a license or authorization that would otherwise be required. Under the new law novel financial products and services are permitted to be tested in the regulatory sandbox for up to two years, with a possible one year extension if the sandbox participant is seeking licensure. Read More