§ 31A-8G-7 — Testing period extensions

West Virginia § 31A-8G-7

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

Text

(a) Thirty days prior to the conclusion of the regulatory sandbox testing period, a regulatory sandbox participant may request an extension of the regulatory sandbox testing period for the purpose of obtaining a license or other authorization required by law.

(b) The Division of Financial Institutions shall grant or deny a request for an extension in accordance with subsection (a) of this section by the conclusion of the regulatory sandbox testing period.

(c) The Division of Financial Institutions may grant an extension in accordance with this section for not more than 12 months after the conclusion of the regulatory sandbox testing period.

(d) A regulatory sandbox participant that obtains an extension in accordance with this section shall provide the Division of Financial Institutions with a written report every three months that provides an update on efforts to obtain a license or other authorization required by law, including any submitted applications for licensure or other authorization, rejected applications, or issued licenses or other authorization.

Legislative History

2020 Reg. Sess., HB4621; 2020 Reg. Sess., SB514