From Around the USA
Hardly Child's Play
North Carolina Joins the Growing Number of States With a FinTech Regulatory Sandbox
"In March 2018, Arizona became the first state to launch a FinTech-related regulatory sandbox, followed by Kentucky, Nevada, Utah, Wyoming, Vermont, Florida, West Virginia, and Hawaii. North Carolina just became the 10th state to implement a FinTech or InsurTech regulatory sandbox, and other states are considering similar regulatory programs." The National Law Review | October 19, 2021
Newspaper article on WV sandbox law
Risks and rewards weighed in state's fintech sandbox development | by Clint Thomas, Daily Mail WV, Aug 20, 2021
North Carolina’s Regulatory Sandbox Act of 2021
JDSUPRA, July 20, 2021
FL, WV join AZ, NV, UT, WY with IL, NC in the works
"Florida and West Virginia passed legislation in recent months, joining Arizona, Nevada, Utah and Wyoming as states with fintech sandboxes. Several other states, including Illinois and North Carolina, have bills in the works." from States entice fintechs by giving them freedom to experiment | By Miriam Cross, American Banker, August 26, 2020 [Paywalled]
Indiana
Will Income-Share Agreements Be the Next Payday Loans? | The American Prospect, July 2, 2019
Note that the Arizona Attorney General has admitted Align Income Share Funding, Inc. to the Sandbox to make consumer loans without being required to comply with the consumer protections of the Consumer Lending law.
Utah
In On March 25, the Utah governor signed HB378 which creates a state regulatory sandbox program through the through the state’s Department of Commerce. The bill passed the House and Senate unanimously. Utah is the third state to introduce a regulatory sandbox program after Arizona and Wyoming.
Nevada
On March 27, the Committee on Commerce and Labor of the Nevada Senate heard SB161, a bill to establish the "Regulatory Experimentation Program for Product Innovation" in the state. According to the sponsor, Senator Kieckhefer, SB161 was modeled after Arizona's FinTech sandbox.
Wyoming
On February 19, the Wyoming Governor signed HB0057, which creates a fintech sandbox program in the state. Wyoming is the second state to introduce a regulatory sandbox program after Arizona.
Texas
Senate Bill 860 filed on 2/15/2019 would create a regulatory sandbox in the office of the Texas Attorney General, modeled on Arizona's.
See Blog post dated 2/18/2019
Illinois
From the Heartland Alliance & the Illinois Asset Building Group
Financial Technology & its Impact on Low-Income Families
Analysis Framework for Sandbox Proposals
Arizona's Regulatory Sandbox In The News
Fintech ‘sandboxes’ in Arizona, other states, aim to attract companies
By Sophie Quinton / Stateline | AZ Mirror - June 16, 2021
Arizona Fintech Sandbox Attains Further International Recognition
AG Press Release | October 24, 2019
"Joins Global Financial Innovation Network; Signs New Cooperation Agreement with Polish Financial Supervision Authority"
CEI Letter to Arizona AG Re: Align Income Share Funding in Arizona Regulatory Sandbox Program | September 11, 2019
Arizona FinTech Sandbox Updates from the AG | Press Release, Sep 10, 2019 (See also Updates, Sep 10, 2019)
MIJ Letter to Governor Ducey re: "Request that Transparency and Public Oversight be an Affirmative Part of the Regulatory Sandbox Program" | June 28, 2019
CEI Letter to Governor Ducey with a request to Veto House Bill 2177 | Center for Economic Integrity, March 28, 2019
MIJ Letter to Governor Ducey with a Request to Veto House Bill 2177 | William E. Morris Institute for Justice, March 27, 2019
Ducey signs bill creating PropTech sandbox, AZBigMedia | AZ Business News, March 21, 2019
Have you heard of fintech? It can help with your finances, but beware of these risks, by Russ Wiles | Arizona Republic, March 17, 2019
FINTECH AND CONSUMER PROTECTION: A Snapshot, by Lauren Saunders | NCLC, March 2019
Comments submitted to the CFPB re: Policy on No-Action Letters and the Product Sandbox, feature an Overview of the Arizona Sandbox, Section 10.3.1, pp 48-52. February 11, 2019
Are fintech sandboxes a consumer protection desert?
Lauren Saunders, Opinion Contributor | The Hill | November 29, 2018
Arizona sandbox gives fintech start-ups a regulatory path to US
Jemima Kelly, Financial Times | November 11, 2018
Two more companies accepted into Arizona’s Fintech sandbox
Tim Gallen – Digital Editor, Phoenix Business Journal | November 1, 2018
Arizonans are unwitting subjects of state’s tech experiment
Tim Steller, Arizona Daily Star | March 31, 2018
CEI Brief
Arizona Regulatory Sandbox Program **updated 11/2021**
CEI Factsheet
Title Lenders and Consumer Lenders Should Play by the Same Rules in AZ
Coalition Letter
Letter to Attorney General on 07/24/2018
Attorney General's Office
Cooperation Agreement Relating to Innovative Functions between the Financial Supervisory Commission, Taiwan and The Office of the Arizona Attorney General - signed 09/26/2018
Memorandum Of Understanding obtained via Public Records request, October 16, 2018. (A second Public Records request in October 2019 produced a copy of the MOU with the Polish Financial Supervision Authority, signed 08/15/2019, with identical wording to that of the MOU with Taiwan). On file with CEI.
Arizona Sandbox Participants
Valley of the Sun Mint, LLC d/b/a Satoshiware, March 4, 2022
"Hardware bitcoin wallets called Satoshi Coins that are pre-loaded with fractional bitcoin."
Cryptoenter Corp., July 19, 2021
"A blockchain-based platform that integrates with banks to provide bank customers with cryptocurrency exchange and transfer services."
Previous Participants
Sweetbridge, Oct 29, 2018 | admitted as a Car Title Lender
Grain Technology, Inc., Oct 29, 2018 | admitted as a Consumer Lender
Align Income Share Funding, Inc, Mar 20, 2019
Enian, Ltd., May 8, 2019
Zona Digital Commodity, LLC (d/b/a "Alta"), Jul 11, 2019 | a Money Transmitter
MO Technologies USA LLC, Feb 14, 2020