§31A-8G-7. Testing Period Extensions
(a) Thirty days prior to the conclusion of the regulatory sandbox testing period, a regulatory sandbox participant may request an extension of the regulatory sandbox testing period for the purpose of obtaining a license or other authorization required by law. (b) The Division of Financial Institutions shall grant or deny a request for an extension […]
§31A-8G-8. Recordkeeping and Reporting Requirements; Participant Removal
(a) A regulatory sandbox participant shall retain records, documents, and data produced in the ordinary course of business regarding an innovative product or service tested in the regulatory sandbox program, and shall maintain comprehensive records for not less than five years after the conclusion of the regulatory sandbox testing period. (b) If an innovative product […]
§31A-8G-5. Additional Consumer Protections; Disclosures
(a) Before providing an innovative product or service to a consumer, a regulatory sandbox participant shall disclose the following to the consumer: (1) The name and contact information of the regulatory sandbox participant;
§31A-8G-6. Exiting Requirements; Extensions
(a) At least 30 days before the conclusion of the regulatory sandbox testing period, a regulatory sandbox participant shall: (1) Notify the Division of Financial Institutions that the regulatory sandbox participant will exit the regulatory sandbox program, discontinue the regulatory sandbox participants test, and stop offering any innovative product or service in the regulatory sandbox […]
§31A-8F-24. Confidentiality of Examination Reports
All reports of examinations and other records relating to the financial condition of any foreign bank, branch, agency office or representative office shall be confidential and subject to subpoena in the same manner as those examinations and records of other financial institutions pursuant to section four, article two of this chapter.
§31A-8F-25. Books, Accounts and Records
Each foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall maintain or make available at any such office appropriate books, accounts and records in the English language reflecting: (i) All transactions effected by or on behalf of such office; and (ii) all actions taken […]
§31A-8F-26. Separate Assets
(a) Each foreign bank which is licensed to establish and maintain a West Virginia state agency in this state shall keep the assets of its business in this state separate and apart from the assets of its business outside this state as though the West Virginia office was conducted as a separate and distinct entity. […]
§31A-8F-27. Disclosure of Lack of Federal Deposit Insurance
Each foreign bank which is licensed to establish and maintain a West Virginia state agency shall clearly and conspicuously disclose that moneys held by or credit balances in such office are not insured by the federal deposit insurance corporation.
§31A-8F-28. Capital Equivalency Deposit
(a) Each foreign bank which is licensed to establish and maintain a West Virginia state agency office shall keep on deposit with an unaffiliated West Virginia bank(s) as the foreign bank may designate and the commissioner may approve, the capital equivalency deposit required by section nine of this article in the form of interest-bearing stocks […]
§31A-8F-29. Voluntary Closure of Agency or Representative Office; Application
(a) No foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall close the office without filing an application with, and obtaining the prior approval of, the commissioner. The failure of an agency or representative office to remain open to the public for business at […]