40-29-102. Definitions. Note: this is effective as of 1/1/2020.
(a) As used in this act:
(i) "Blockchain" means a digital ledger or database which is chronological, consensus-based, decentralized and mathematically verified in nature;
(ii) "Commissioner" means the state banking commissioner;
(iii) "Consumer" means a person, whether a natural person or a legal entity, in Wyoming who purchases or enters into an agreement to receive an innovative financial product or service made available through the financial technology sandbox;
(iv) "Financial product or service" means a product or service related to finance, including banking, securities, consumer credit or money transmission, which is subject to statutory or rule requirements identified in W.S. 40-29-103(a) and is under the jurisdiction of the commissioner or secretary;
(v) "Financial technology sandbox" means the program created by this act which allows a person to make an innovative financial product or service available to consumers during a sandbox period through a waiver of existing statutory and rule requirements, or portions thereof, by the commissioner or secretary;
(vi) "Innovative" means new or emerging technology, or new uses of existing technology, that provides a product, service, business model or delivery mechanism to the public and has no substantially comparable, widely available analogue in Wyoming, including blockchain technology;
(vii) "Sandbox period" means the period of time, initially not longer than twenty-four (24) months, in which the commissioner or secretary has authorized an innovative financial product or service to be made available to consumers, which shall also encompass any extension granted under W.S. 40-29-108;
(viii) "Secretary" means the secretary of state;
(ix) "This act" means W.S. 40-29-101 through 40-29-109.
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