HB 1507 establishes a financial services regulatory sandbox program in the state, allowing participants to test innovative financial services products or services without full compliance with state and federal laws, rules, and regulations. The Department of Banking will oversee the program and can exempt participants from certain state laws if necessary for testing purposes. Participants must still comply with federal law and seek necessary approvals or exemptions from federal agencies. The bill also establishes a financial services regulatory sandbox fund to collect fees from participants to offset program administration costs. The bank commissioner is granted rulemaking authority to implement the provisions of the bill.

Overall, the bill creates a framework for a financial services regulatory sandbox program that allows for the testing of innovative financial services products or services while ensuring consumer protection and regulatory oversight.

Statutes affected:
Introduced: 6:12