Section 40-29-101 – Short Title.
40-29-101. Short title. This act may be cited as the “Financial Technology Sandbox Act.”
Section 40-29-102 – Definitions.
40-29-102. Definitions. (a) As used in this act: (i) “Blockchain” means a digital ledger or database which is chronological, consensus-based, decentralized and mathematically verified in nature; (ii) “Commissioner” means the state banking commissioner; (iii) “Consumer” means a person, whether a natural person or a legal entity, in Wyoming who purchases or enters into an agreement […]
Section 40-29-103 – Financial Technology Sandbox Waiver; Applicability of Criminal and Consumer Protection Statutes; Referral to Investigatory Agencies; Civil Liability.
40-29-103. Financial technology sandbox waiver; applicability of criminal and consumer protection statutes; referral to investigatory agencies; civil liability. (a) Notwithstanding any other provision of law, a person who makes an innovative financial product or service available to consumers in the financial technology sandbox may be granted a waiver of specified requirements imposed by statute or […]
Section 40-29-104 – Financial Technology Sandbox Application; Standards for Approval; Consumer Protection Bond.
40-29-104. Financial technology sandbox application; standards for approval; consumer protection bond. (a) A person shall apply to the commissioner or secretary to make an innovative financial product or service available to consumers in the financial technology sandbox, based on the office that administers the statute or rule, or portion thereof, for which a waiver is […]
Section 40-29-105 – Financial Technology Innovation Account.
40-29-105. Financial technology innovation account. (a) There is created the financial technology innovation account. Funds within the account shall only be expended by legislative appropriation. All funds within the account shall be invested by the state treasurer and all investment earnings from the account shall be credited to the general fund. The account shall be […]
Section 40-29-106 – Operation of Financial Technology Sandbox.
40-29-106. Operation of financial technology sandbox. (a) Except as otherwise provided by W.S. 40-29-108, a person authorized under W.S. 40-29-104(f) to enter into the financial technology sandbox may make an innovative financial product or service available to consumers during the sandbox period. (b) The commissioner or secretary may, on a case by case basis, specify […]
Section 40-29-107 – Revocation or Suspension of Financial Technology Sandbox Authorization.
40-29-107. Revocation or suspension of financial technology sandbox authorization. (a) The commissioner or secretary may, by order, revoke or suspend authorization granted to a person under W.S. 40-29-104(f) if: (i) The person has violated or refused to comply with this act or any lawful rule, order or decision adopted by the commissioner or secretary; (ii) […]
Section 40-29-108 – Extension of Sandbox Period.
40-29-108. Extension of sandbox period. (a) A person granted authorization under W.S. 40-29-104(f) may apply for an extension of the initial sandbox period for not more than twelve (12) additional months. An application for an extension shall be made not later than sixty (60) days before the conclusion of the initial sandbox period specified by […]
Section 40-29-109 – Rules and Orders; Enforcement of Bond; Restitution; Applicability of Wyoming Administrative Procedure Act.
40-29-109. Rules and orders; enforcement of bond; restitution; applicability of Wyoming Administrative Procedure Act. (a) The commissioner and secretary shall each adopt rules to implement this act. The rules adopted by the commissioner and secretary under this subsection shall be as consistent as reasonably possible, but shall account for differences in the statutes and programs […]