§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-8F-14. Representative Office; Factors for Approval of Application
(a) A foreign bank making an application for a license to establish and maintain a West Virginia representative office shall deliver to the commissioner two (or more as the commissioner may require in writing) duplicate originals of the foreign bank's application. (b) The commissioner may issue a license to a foreign bank to establish and […]
§31A-8F-15. Representative Office; Permissible Activities
(a) A foreign bank which is licensed to establish and maintain a West Virginia representative office may, subject to such rules as the commissioner may prescribe, engage in the following activities: (1) Solicitation for loans and in connection therewith the assembling of credit information, making of property inspections and appraisals, securing of title information, preparing […]
§31A-8F-16. Posting of License
Each foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall post its license in a conspicuous place at the office.
§31A-8F-17. Licenses Not Transferable
No license issued by the commissioner in accordance with this article shall be transferable or assignable.
§31A-8F-18. Amended License to Establish and Maintain a Direct Agency Office or Representative Office
(a) A foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office must secure an amended license if it changes its corporate name, changes corporate control, changes the duration of its corporate existence or desires to pursue in this state other or additional purposes than those […]
§31A-8F-19. Change of Control of Foreign Bank
A foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall file with the commissioner a written notice and request an amended license under section eighteen of this article no later than fourteen calendar days after the foreign bank becomes aware of any acquisition of […]