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 fintech@wvdob.org or
304-558-2294 to
schedule a pre-application meeting.
Administrative Rule
This rule is effective as of July 1, 2020, in an emergency status. Public comments will be accepted on the rule through July 31, 2020 at 5pm.
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