SB 339
Commissioner of Financial Institutions rule relating to Fintech Regulatory Sandbox Program
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 339 authorizes the Commissioner of Financial Institutions to create a detailed rule set, designated 106 CSR 21, for the Fintech Regulatory Sandbox Program. This program allows innovative financial technology companies to test their products and services in a controlled environment without immediately being subject to all existing regulations. The rule will provide guidance and requirements for companies participating in the sandbox, ensuring consumer protection and financial stability. This legislation aims to foster fintech innovation within West Virginia.
Key provisions
- Authorizes the Commissioner of Financial Institutions to develop a legislative rule.
- Designates the rule as 106 CSR 21.
- Concerns the Fintech Regulatory Sandbox Program.
- Provides a framework for fintech companies to test new products.
- Aims to balance innovation with consumer protection and financial stability.
Who is affected
- Fintech companies
- Commissioner of Financial Institutions
- West Virginia residents and consumers
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