1. No one tracks the number of unregulated providers or how many children are in their care.

2. No one knows the number of children in unregulated settings.

3. It is an unregulated environment with respect to these products.

4. But as the state pioneers the bonds, it will navigate a new and unregulated area.

5. That is an unregulated product you can buy at Home Depot that leaves the old business model with no place to hide.