HB0057 – Financial technology sandbox

According to the summary provided by the Legal Services Office:
“This act authorizes the Banking Commissioner or the Secretary of State, upon receipt of an application and consumer protection bond, to waive specified statutes or rules to allow for the testing or innovative financial products or services through a financial technology sandbox program.

Only innovative financial products or services which cannot be made available under existing law are eligible for the financial technology sandbox.

Specifies that an innovative financial product or service can be tested in the financial technology sandbox for up to two (2) years, with the possibility of a one (1) year extension.

Statutes and rules relating to banking, corporate law, electronic records, consumer credit and money transmission, among others, are eligible for a waiver under the sandbox.

Grants various supervisory and enforcement powers to the Banking Commissioner and the Secretary of State”.