Fla. Admin. Code Ann. R. 69V-559.105 - Application for Extension

(1) In accordance with Sections 559.952(7)(a) and (b), F.S., a licensee who wishes to apply for one extension for 12 additional months may apply by submitting the following:

(a) Financial Technology Sandbox Innovator Extension Request, Form OFR-559-FTS-003, no sooner than 180 days, but no later than ninety (90) days, prior to the conclusion of its initial sandbox period;

(b) One half ($375) of the renewal fee as required by Section 560.143(2)(a), F.S., if the applicant indicated in Question 1 of its initial application that it intended to offer a product or service under Chapter 560, F.S.; or,

(c) One half ($312) of the renewal fee as required by Section 516.03(1), F.S., if the applicant indicated in Question 1 of its initial application that it intended to offer a product or service under Chapter 516, F.S.; or,

(d) One half ($687) of both renewal fees as required by paragraphs (b) and (c) above, if the applicant indicated in Question 1 of its initial application that it intended to offer a product or service under both Chapters 560 and 516, F.S.;

(e) The current status of the factors previously considered in the initial application as required in paragraphs 69V-559.1021(2)(a) -(g), F.A.C.

(2) An application for an extension of the initial 24-month sandbox period shall not be considered received for purposes of meeting the deadline in paragraph (1)(a) above until all submissions as required in paragraphs (1)(a)-(e) are received by the Office. Failure to provide all submission requirements by the deadline shall result in the incomplete application for extension of the initial sandbox period being deemed abandoned and the initial sandbox license expiring without consideration for an extension.

(3) Upon receipt of a completed application for an extension of the initial sandbox period filed by the 90-day deadline, the Office shall notify the licensee by email of the completion date along with the date the Office must make its decision whether to approve or deny the application for an extension (35 days before the conclusion of the initial sandbox period).

(4) Form OFR-559-FTS-003 is incorporated by reference in Rule 69V-559.1012, F.A.C.

Notes

Fla. Admin. Code Ann. R. 69V-559.105

Rulemaking Authority 559.952(11)(a) FS. Law Implemented 559.952(4), 559.952(7)(a), 559.952(7)(b), 559.952(9), 559.952(11)(a) FS.

Adopted by Florida Register Volume 47, Number 002, January 5, 2021 effective 1/18/2021.

New 1-18-21.