Ky. Rev. Stat. § 15.262

Current through 2024 Ky. Acts ch.225

Section 15.262 - Definitions for KRS 15.262 to 15.278

As used in KRS 15.262 to 15.278, unless the context suggests otherwise:

(1) "Advisory committee" means the General Regulatory Sandbox Advisory Committee;

(2) "Applicable agency" means a department or agency of the state that by law regulates a business activity and persons engaged in the business activity, including the issuance of licenses or other types of authorization, which the office determines would otherwise regulate a sandbox participant;

(3) "Applicant" means a person that applies to participate in the regulatory sandbox;

(4) "Consumer" means a person that purchases or otherwise enters into a transaction or agreement to receive an offering pursuant to a demonstration by a sandbox participant;

(5) "Demonstrate" or "demonstration" means to temporarily provide an offering in accordance with the provisions of the regulatory sandbox described in KRS 15.262 to 15.278;

(6) "Director" means the director of the Kentucky Office of Regulatory Relief;

(7) "Innovation" means the use or incorporation of a new idea, a new or emerging technology, or a new use of existing technology to address a problem, provide a benefit, or otherwise offer a product, production method, or service;

(8) "Innovative offering" means an offering that includes an innovation;

(9)

(a) "Offering" means a product, production method, or service.

(b) "Offering" shall not include a product, production method, or service that is subject to regulation under:

1. KRS Chapter 292, the Securities Act of Kentucky; or

2. KRS Chapter 216B, Licensure and Regulation of Health Facilities and Services;

(10) "Product" means a commercially distributed good that is:

(a) Tangible personal property;

(b) The result of a production process; and

(c) Passed through the distribution channel before consumption;

(11) "Production" means the method or process of creating or obtaining a good, which may include assembling, breeding, capturing, collecting, extracting, fabricating, farming, fishing, gathering, growing, harvesting, hunting, manufacturing, mining, processing, raising, or trapping a good;

(12) "Regulatory relief office" means the Kentucky Office of Regulatory Relief;

(13) "Sandbox" or "regulatory sandbox" means the General Regulatory Sandbox Program, which allows a person to temporarily demonstrate an offering under a waiver or suspension of one (1) or more administrative regulations;

(14) "Sandbox participant" means a person whose application to participate in the regulatory sandbox is approved in accordance with KRS 15.272; and

(15) "Service" means any commercial activity, duty, or labor performed for another person.

KRS 15.262

Added by 2023 Ky. Acts ch. 122,§ 1, eff. 3/15/2024.