15.262 Definitions for KRS 15.262 to 15.278.
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/ky/chapter-15/15-262A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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;
(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.