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(1) At least 30 days before the end of the 24-month regulatory sandbox testing period, a sandbox participant shall:
(a) notify the department that the sandbox participant will exit the regulatory sandbox, discontinue the sandbox participant's test, and will stop offering any innovative product or service in the regulatory sandbox within 60 days after the day on which the 24-month testing period ends; or
(b) seek an extension in accordance with Section 13-55-107.
(2) Subject to Subsection (3), if the department does not receive notification as required by Subsection (1), the regulatory sandbox testing period ends at the end of the 24-month testing period and the sandbox participant shall immediately stop offering each innovative product or service being tested.
(3) If a test includes offering an innovative product or service that requires ongoing duties, such as servicing a loan, the sandbox participant shall continue to fulfill those duties or arrange for another person to fulfill those duties after the date on which the sandbox participant exits the regulatory sandbox.