West Virginia § 31A-8G-5 Additional consumer protections; disclosures

West Virginia Statutes

§ 31A-8G-5 — Additional consumer protections; disclosures

West Virginia·Ch. 31A BANKS AND BANKING·Art. 8G THE WEST VIRGINIA FINTECH REGULATORY SANDBOX PROGRAM

(a)Before providing an innovative product or service to a consumer, a regulatory sandbox participant shall disclose the following to the consumer:

(1)The name and contact information of the regulatory sandbox participant;

(2)That the innovative product or service is authorized pursuant to the regulatory sandbox program and, if applicable, that the regulatory sandbox participant does not have a license or other authorization to provide a product or service under state laws that regulate products or services outside the regulatory sandbox program;

(3)That the innovative product or service is undergoing testing, may not function as intended, and may expose the consumer to financial risk;

(4)That the provider of the innovative product or service is not immune from civil liability for

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(a) Before providing an innovative product or service to a consumer, a regulatory sandbox participant shall disclose the following to the consumer:

(1) The name and contact information of the regulatory sandbox participant;

(2) That the innovative product or service is authorized pursuant to the regulatory sandbox program and, if applicable, that the regulatory sandbox participant does not have a license or other authorization to provide a product or service under state laws that regulate products or services outside the regulatory sandbox program;

(3) That the innovative product or service is undergoing testing, may not function as intended, and may expose the consumer to financial risk;

(4) That the provider of the innovative product or service is not immune from civil liability for any losses or damages caused by the innovative product or service;

(5) That the state does not endorse or recommend the innovative product or service;

(6) That the innovative product or service is a temporary test that may be discontinued at the conclusion of the regulatory sandbox testing period;

(7) The expected end date of the regulatory sandbox testing period; and

(8) That a consumer may contact the Division of Financial Institutions to file a complaint regarding the innovative product or service being tested and provide the Division of Financial Institution’s telephone number and website address where a complaint may be filed.

(b) The disclosures required by subsection (a) of this section shall be provided to a consumer in a clear and conspicuous form and, for an internet or application-based innovative product or service, a consumer shall acknowledge receipt of the disclosure before a transaction may be completed.

(c) The Division of Financial Institutions may investigate all consumer complaints made against a regulatory sandbox participant pursuant to subsection (a) of this section:Provided, That the consumer making the complaint was directly provided the innovative product or service by the regulatory sandbox participant, and the innovative product or service was provided in the course of participation in the regulatory sandbox program.

(d) The Division of Financial Institutions may require that a regulatory sandbox participant make additional disclosures to a consumer.

West Virginia § 31A-8G-5 (Additional consumer protections; disclosures) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.