West Virginia Code 31A-8G-7 – Testing period extensions
(a) Thirty days prior to the conclusion of the regulatory sandbox testing period, a regulatory sandbox participant may request an extension of the regulatory sandbox testing period for the purpose of obtaining a license or other authorization required by law.
Terms Used In West Virginia Code 31A-8G-7
- division: means the Division of Banking of West Virginia. See West Virginia Code 31A-1-2
- 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 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
(b) The Division of Financial Institutions shall grant or deny a request for an extension in accordance with subsection (a) of this section by the conclusion of the regulatory sandbox testing period.
(c) The Division of Financial Institutions may grant an extension in accordance with this section for not more than 12 months after the conclusion of the regulatory sandbox testing period.
(d) A regulatory sandbox participant that obtains an extension in accordance with this section shall provide the Division of Financial Institutions with a written report every three months that provides an update on efforts to obtain a license or other authorization required by law, including any submitted applications for licensure or other authorization, rejected applications, or issued licenses or other authorization.