(a) There is created in the Division of Financial Institutions the Regulatory Sandbox Program.
(b) In administering the regulatory sandbox program, the Division of Financial Institutions:
(1) Shall consult with the West Virginia Development Office relating to the economic development opportunities relating to the potential regulatory sandbox participant and may consult with any applicable agency which otherwise may have jurisdiction or authority relating to any activity proposed for the regulatory sandbox program for which the applicant is seeking to proceed without authorization or license;