*** NOTICE ***
Pursuant to Section 46.3 of Nevada Senate Bill 161 of the 2019 Nevada Legislature, the Director's authority to approve applications to the Regulatory Experimentation Program for Product Innovation ("Nevada Sandbox Program") expired December 31,2022.
On March 27, 2023, a bill was introduced at the Nevada Legislature (SB 376) that would require the Department to conduct an interim study of the program and certain related matters. However pursuant to Joint Standing Rule N. 14.3.1 of the 120-day session, the bill died on April 15 with no further action allowed.
As a result, the Department is no longer accepting or considering sandbox applications until further notice and all Department activity under NRS Chamber 657A has been effectively halted for the foreseeable future.
Nevada Regulatory Sandbox Program Overview
The "Nevada Sandbox Program" is another name for the Regulatory Experimentation Program for Product Innovation established by Senate Bill 161 of the 2019 Nevada Legislature. The intent of the program is to help businesses test innovative financial products or services without first having to meet certain state licensing or regulatory requirements. The Director of the Department of Business and Industry is responsible for administering the Nevada Sandbox Program. Once a business is approved to participate in the program, it may test its proposed product or service with Nevada consumers, subject to any conditions the Director has imposed on the business or test.
What is an innovative financial product or service?
For purposes of the program "financial product or service" or "product or service" means any product, service, activity, business model, mechanism for delivery or element of any of these that 1) includes an innovation; and 2) unless approved for testing in the Nevada Sandbox Program would otherwise be governed by the provisions of NRS Chapters 645A, 645B, 645F or 645G; NRS Title 55; or any regulation adopted pursuant thereto. "Innovation" means any use of a new or emerging technology, or any novel use of an existing technology to address a problem, provide benefit or otherwise offer or provide a financial product or service that is determined by the director of the Department of Business and Industry not to be widely available in Nevada.
How and when can I apply to the program?
***This section is being maintained for archival purposes only. See notice above regarding application suspension.****
You can begin to prepare and submit applications now. Before doing so, interested parties are encouraged to review the Frequently Asked Questions and the Department's relevant policy and procedure which are posted under Sandbox Program Resources on the right side of this page. The policy and procedure document includes a copy of NRS 657A and regulation R089-19 that was adopted without change by the Department on January 17, 2020. These documents, taken together, provide the administrative framework for the Nevada Sandbox Program. Once these items are reviewed and understood, the application can be completed as required and submitted to the Department for consideration by the Director. The application form is posted under the Nevada Sandbox Program Resources heading on the right side of this page.