West Virginia Code 31A-8G-6 – Exiting requirements; extensions
(a) At least 30 days before the conclusion of the regulatory sandbox testing period, a regulatory sandbox participant shall:
Terms Used In West Virginia Code 31A-8G-6
- Consumer: means a person that purchases or otherwise enters into a transaction or agreement to receive an innovative product or service that is being tested by a regulatory sandbox participant. See West Virginia Code 31A-8G-2
- division: means the Division of Banking of West Virginia. See West Virginia Code 31A-1-2
- in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
- Innovative product or service: means a financial product or service that includes an innovation. See West Virginia Code 31A-8G-2
- Regulatory sandbox participant: means a person whose application to participate in the regulatory sandbox program is approved in accordance with the provisions of this article. See West Virginia Code 31A-8G-2
- Regulatory sandbox program: means the West Virginia FinTech Regulatory Sandbox Program created by this article, which allows a person to temporarily test an innovative product or service on a limited basis without otherwise being licensed or authorized to act under the laws of the state. See West Virginia Code 31A-8G-2
- Regulatory sandbox testing period: means a 24-month period beginning on the date an applicant is admitted to the regulatory sandbox program. See West Virginia Code 31A-8G-2
- Test: means to provide an innovative product or service in accordance with the provisions of this chapter. See West Virginia Code 31A-8G-2
(1) Notify the Division of Financial Institutions that the regulatory sandbox participant will exit the regulatory sandbox program, discontinue the regulatory sandbox participant’s test, and stop offering any innovative product or service in the regulatory sandbox program within 60 days after the day on which the regulatory sandbox testing period ends; or
(2) Seek an extension in accordance with § 31A-8G-7 of this code.
(b) Subject to subsection (c) of this section, if the Division of Financial Institutions does not receive notification as required by subsection (a) of this section, the regulatory sandbox participant shall immediately stop offering each innovative product or service being tested at the conclusion of the regulatory sandbox testing period.
(c) If a test includes offering an innovative product or service that requires ongoing duties, such as servicing a loan, the regulatory sandbox participant shall continue to fulfill those duties or arrange for another person to fulfill those duties after the date on which the regulatory sandbox participant exits the regulatory sandbox program, and not less than 30 days before the conclusion of the regulatory sandbox testing period, notify, in writing, any consumer of the innovative product or service of the plan related to continuation or discontinuation of duties with respect to the innovative product or service.