Section 33-60-5 - Time period of beta test; extension of time period; penalties for violation of limited no-action letter(a) The time period for a beta test shall be three years. The time period may be extended by the commissioner in the notice of acceptance for a period that is not longer than one year if a request is made in accordance with §33-60-2(a)(5)(B) of this code.(b) During the beta test, the participant and any clients of the participant shall: (1) Comply with all terms and conditions set forth in the limited no-action letter; and(2) Provide the commissioner with all documents, data, and information requested by the commissioner.(c) For any violation of the terms or conditions set forth in the limited letter, the commissioner may:(1) Issue an order terminating the beta test and the safe harbor of the limited letter before the time period set forth in the limited letter has expired; and(2) Impose a fine of not more than $2,000 per violation.(d) The commissioner may issue an order under §33-60-5(c) of this code if, following receipt of information or complaints, the commissioner determines the beta test is causing consumer harm.(e) The commissioner may issue an order requiring a client to cease and desist any activity violating the terms or conditions set forth in the limited letter. The issuance of a cease and desist order to one client shall not otherwise impact the ability of the participant or any other clients to continue activities relating to the innovation in a manner compliant with the requirements of the limited letter.(f) A participant or client may request a hearing on any order issued under this section pursuant to §33-2-13 of this code.Added by 2021 Acts, ch. 163 (HB 2221), eff. 7/9/2021.