OH SB249

Establishes a regulatory sandbox program allowing persons to test novel financial products or services in Ohio for up to 24 months without obtaining standard licenses or authorizations that would otherwise be required.

Applicants must submit an application to the superintendent of financial institutions demonstrating adequate understanding of the product, sufficient testing plan, and consumer protections; superintendent has 90 days to approve or deny (plus 30 days if additional information requested).

Sandbox participants must disclose to consumers that the product is a temporary test authorized under the sandbox, that the state does not endorse it, and provide the superintendent's contact information for complaints.

Participants must exit the sandbox within 60 days after the testing period ends unless they obtain an extension of up to one year to pursue required licensure; if a product fails, they must notify the superintendent and protect consumers.

Sandbox participants remain subject to Ohio's consumer protection laws (sections 1345.01-1345.13), data security requirements, and interest rate caps on loans; the superintendent may revoke sandbox licenses for violations and must publish biennial reports on sandbox performance.