Virginia FinTech Regulatory Sandbox Program; created. (HB922)

Introduced By

Del. Michael Webert (R-Marshall)

Description

Virginia FinTech Regulatory Sandbox Program; temporary product testing; consumer protections; report. Creates the Virginia FinTech Regulatory Sandbox Program, which allows participants to temporarily test a financial product or service on a limited basis without otherwise being licensed or authorized to conduct such business under the laws of the Commonwealth. The bill specifies application requirements and requires approval by the State Corporation Commission prior to an applicant's participation in the Program. Participants in the Program have a period of 24 months to conduct testing of a financial product or service with the possibility of an additional 12 months of testing if an agreement to do so is reached with the Commission. In addition, the bill provides that up to 30 days before the end of the testing period, a participant may request an extension of up to six months for the purpose of obtaining a license or other authorization for conducting business in the Commonwealth. Participants must provide required disclosures to consumers, and the bill gives the Commission the right to remove Program participants and to require assurances regarding consumer protections during the testing period. The bill also includes recordkeeping and reporting requirements for Program participants and a requirement for the Commission to provide an annual report to the General Assembly. Read the Bill »

Outcome

History