HB 4240
Relating to authorizing the Commissioner of Financial Institutions to promulgate a legislative rule relating to the Fintech Regulatory Sandbox Program.
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill authorizes the Commissioner of Financial Institutions to create a detailed rule outlining the Fintech Regulatory Sandbox Program. The program is designed to allow innovative financial technology companies to test their products and services in a controlled environment without immediately facing full regulatory requirements. This rule will provide guidance and framework for companies participating in the sandbox, ensuring a balance between fostering innovation and protecting consumers and the financial system. The goal is to support the growth of fintech in West Virginia.
Key provisions
- Authorizes the Commissioner of Financial Institutions to develop a legislative rule.
- The rule pertains to the Fintech Regulatory Sandbox Program.
- The program allows fintech companies to test new financial technologies.
- The rule will provide guidelines for participating companies.
Who is affected
- Fintech companies
- Commissioner of Financial Institutions
- Consumers in West Virginia
Sponsors
Official sponsors from legislative records.
Primary sponsor
D. Smith
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