§ 40-29-106 — Operation of financial technology sandbox

Wyoming § 40-29-106

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 29: FINANCIAL TECHNOLOGY SANDBOX ACT

Text

(a) Except as otherwise provided by W.S. 40-29-108, a
person authorized under W.S. 40-29-104(f) to enter into the
financial technology sandbox may make an innovative financial
product or service available to consumers during the sandbox
period.
(b) The commissioner or secretary may, on a case by case
basis, specify the maximum number of consumers permitted to
receive an innovative financial product or service, after
consultation with the person authorized under W.S. 40-29-104(f)
to make the product or service available in the financial
technology sandbox.
(c) Before a consumer purchases or enters into an
agreement to receive an innovative financial product or service
through the financial technology sandbox, the person making the
product or service available shall provide a written statement
of the following to the consumer:
(i) The name and contact information of the person
making the product or service available to consumers;
(ii) That the product or service has been authorized
to be made available to consumers for a temporary period by the
commissioner or secretary, as applicable, under the laws of
Wyoming;
(iii) That the state of Wyoming does not endorse the
product or service and is not subject to liability for losses or
damages caused by the product or service;
(iv) That the product or service is undergoing
testing, may not function as intended and may entail financial
risk;
(v) That the person making the product or service
available to consumers is not immune from civil liability for
any losses or damages caused by the product or service;
(vi) The expected end date of the sandbox period;
(vii) The name and contact information of the
commissioner or secretary, as applicable, and notification that
suspected legal violations, complaints or other comments related
to the product or service may be submitted to the commissioner
or secretary;
(viii) Any other statements or disclosures required
by rule of the commissioner or secretary which are necessary to
further the purposes of this act.
(d) A person authorized to make an innovative financial
product or service available to consumers in the financial
technology sandbox shall maintain comprehensive records relating
to the innovative financial product or service. The person shall
keep these records for not less than five (5) years after the
conclusion of the sandbox period. The commissioner and secretary
may specify further records requirements under this subsection
by rule.
(e) The commissioner or secretary, as applicable, may
examine the records maintained under subsection (d) of this
section at any time, with or without notice. All direct and
indirect costs of an examination conducted under this subsection
shall be paid by the person making the innovative financial
product or service available in the financial technology
sandbox. Records made available to the commissioner or secretary
under this subsection shall be confidential and shall not be
subject to disclosure under the Wyoming Public Records Act but
may be released to appropriate state and federal agencies for
the purposes of investigation.
(f) Unless granted an extension pursuant to W.S. 40-29-
108, not less than thirty (30) days before the conclusion of the
sandbox period, a person who makes an innovative financial
product or service available in the financial technology sandbox
shall provide written notification to consumers regarding the
conclusion of the sandbox period and shall not make the product
or service available to any new consumers after the conclusion
of the sandbox period until legal authority outside of the
sandbox exists to make the product or service available to
consumers. The person shall wind down operations with existing
consumers within sixty (60) days after the conclusion of the
sandbox period, except that, after the sixtieth day, the person
may:
(i) Collect and receive money owed to the person and
service loans made by the person, based on agreements with
consumers made before the conclusion of the sandbox period;
(ii) Take necessary legal action; and
(iii) Take other actions authorized by the
commissioner or secretary by rule which are not inconsistent
with this subsection.
(g) The commissioner and the secretary may, jointly or
separately, enter into agreements with state, federal or foreign
regulatory agencies to allow persons who make an innovative
financial product or service available in Wyoming through the
financial technology sandbox to make their products or services
available in other jurisdictions and to allow persons operating
in similar financial technology sandboxes in other jurisdictions
to make innovative financial products and services available in
Wyoming under the standards of this chapter.