HB4621 HFA Capito 2-16 #1

Fisher 3919

Delegate Capito moved to amend the bill on page eight, section four, line fifty-five, by striking out all of subsection (j) and inserting in lieu thereof the following:

(j) The Division of Financial Institutions shall require a sandbox participant to post a consumer protection bond with the commissioner as security for potential losses suffered by consumers.  The bond amount shall be determined by the commissioner in consultation with the sandbox participant in an amount not less than $5,000 and shall be commensurate with the risk profile of the innovative product or service.  The commissioner may require that a bond be increased or decreased at any time based on risk profile and shall provide the sandbox participant with 30 days prior written notice of such increase or decrease. The commissioner may use bond proceeds to offset losses suffered by consumers as a result of an innovative product or service. The bond shall expire two years after the date of the conclusion of the testing period. The commissioner may accept electronic bonds from any participant.

Adopted

Rejected