§31A-8G-1. The West Virginia Fintech Regulatory Sandbox Program
This article shall be known as the West Virginia FinTech Regulatory Sandbox Act.
§31A-8G-2. Definitions
As used in this article: “Applicable agency” means a department or agency of the state that by law regulates certain types of business activity in the state and persons engaged in such business activity, including the issuance of licenses or other types of authorization, which the department determines would otherwise regulate a regulatory sandbox participant. […]
§31A-8G-3. Regulatory Sandbox Program; Administration; Application Requirements; Fee; Rulemaking
(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 […]
§31A-8G-4. Scope; Testing Period; Licenses; Consumer Protections
(a) If the Division of Financial Institutions approves an application under 31A-8G-3 of this code, the regulatory sandbox participant has 24 months after the day on which the application was approved to test the innovative product or service described in the regulatory sandbox participants application. (b) An innovative product or service that is tested within […]
§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-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 […]