40-29-103. Financial technology sandbox waiver; applicability of criminal and consumer protection statutes; referral to investigatory agencies; civil liability. Note: this is effective as of 1/1/2020.
(a) Notwithstanding any other provision of law, a person who makes an innovative financial product or service available to consumers in the financial technology sandbox may be granted a waiver of specified requirements imposed by statute or rule, or portions thereof, if these statutes or rules do not currently permit the product or service to be made available to consumers. A waiver under this subsection shall be no broader than necessary to accomplish the purposes and standards set forth in this act, as determined by the commissioner or secretary. The following statutes, and the rules adopted under them, or portions of these statutes and rules, may be waived by the commissioner or secretary for the sandbox period, upon receipt and approval of an application made pursuant to W.S. 40-29-104:
(i) W.S. 13-1-101 through 13-2-904;
(ii) W.S. 13-5-301 through 13-5-703;
(iii) W.S. 17-4-201 through 17-4-412;
(iv) W.S. 17-16-101 through 17-16-1810, provided that no provisions relating to the liability of incorporators, directors and officers shall be eligible for a waiver;
(v) W.S. 17-28-101 through 17-28-111;
(vi) W.S. 17-29-101 through 17-29-1105, provided that no provisions relating to the liability of organizers, managers and members shall be eligible for a waiver;
(vii) W.S. 40-14-101 through 40-14-702;
(viii) W.S. 40-21-101 through 40-21-119;
(ix) W.S. 40-22-101 through 40-22-129;
(x) W.S. 40-23-101 through 40-23-133.
(b) A person who makes an innovative financial product or service available to consumers in the financial technology sandbox is:
(i) Not immune from civil damages for acts and omissions relating to this act; and
(ii) Subject to all criminal and consumer protection laws, including W.S. 40-12-101 through 40-12-114.
(c) The commissioner or secretary may refer suspected violations of law relating to this act to appropriate state or federal agencies for investigation, prosecution, civil penalties and other appropriate enforcement actions.
(d) If service of process on a person making an innovative financial product or service available to consumers in the financial technology sandbox is not feasible, service on the secretary of state shall be deemed service on the person.
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