W. Va. Code R. § 106-21-3

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 106-21-3 - Objectives; Initial and Extension Applications

3.1. The operation of the fintech regulatory sandbox program shall have the following objectives:

3.1.1. The testing of innovative financial products or services;

3.1.2. The analysis of regulatory, supervisory, and consumer protection statutes and rules in the use of financial technology; and

3.1.3. The identification of potential amendments to existing laws and rules and their application to financial products and services that would encourage and enable innovation in financial services.

3.2. The Commissioner or his or her designee may consult with prospective sandbox participants before an application is filed to learn about the business model of the prospective participant and determine whether the innovative financial product or service is appropriate for the sandbox. Consultations made pursuant to the section shall be confidential and not subject to disclosure.

3.3. A prospective sandbox participant shall complete and submit an application to the Commissioner on a form prescribed by the Commissioner. The Commissioner may direct an applicant to file a license application through the Nationwide Mortgage Licensing System and Registry operated by the State Regulatory Registry, LLC. The application shall be attested to as to its completeness and veracity.

3.4. The Commissioner may refuse to accept an incomplete application. The time period for making a determination on an application shall not commence until a complete application is received.

3.5. As a part of the application process, at the Commissioner's discretion, the following individuals may be required to submit release forms as a part of the fingerprint based background review process for participation in the sandbox: Chief Executive Officer, President, owners and investors controlling either directly or indirectly 10% or more of the applicant as well as other individuals that are identified as controlling the day to day activity of the applicant.

W. Va. Code R. § 106-21-3