Thank you for your interest in the West Virginia Fintech Regulatory Sandbox.
During the 2020 Legislative Session, the West Virginia Legislature passed and the Governor signed House Bill 4621, which implements a regulatory sandbox to enable entities that would normally require licensure in West Virginia to test an innovative financial product or service for a limited period of 24 months. After the end of the sandbox period, if the test of the product or service has been deemed successful, the entity would be able to continue operating in West Virginia subject to any licensure requirements at that time. The program is intended to encourage start up activities and entrepreneurship, and West Virginia joins a very small group of states who have obtained authority to operate a sandbox, including Arizona, Wyoming, Nevada, and Utah.
The Act places responsibility for regulatory management within the Division of Financial Institutions. The Division is currently creating a process for accepting and reviewing applications on a secure platform. Until that process is fully operational, any individual or entity interested in discussing potential sandbox activities should contact the Division at firstname.lastname@example.org
or 304-558-2294 to schedule a pre-application meeting.
This rule is effective as of July 1, 2020.