Section 40-29-107 - Revocation or Suspension of Financial Technology Sandbox Authorization. Note: This Is Effective as of 1/1/2020.

WY Stat § 40-29-107 (2019) (N/A)

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40-29-107. Revocation or suspension of financial technology sandbox authorization. Note: this is effective as of 1/1/2020.

(a) The commissioner or secretary may, by order, revoke or suspend authorization granted to a person under W.S. 40-29-104(f) if:

(i) The person has violated or refused to comply with this act or any lawful rule, order or decision adopted by the commissioner or secretary;

(ii) A fact or condition exists that, if it had existed or become known at the time of the financial technology sandbox application, would have warranted denial of the application or the imposition of material conditions;

(iii) A material error, false statement, misrepresentation or material omission was made in the financial technology sandbox application; or

(iv) After consultation with the person, continued testing of the innovative financial product or service would:

(A) Be likely to harm consumers; or

(B) No longer serve the purposes of this act because of the financial or operational failure of the product or service.

(b) Written notification of a revocation or suspension order made under subsection (a) of this section shall be served using any means authorized by law, and if the notice relates to a suspension, include any conditions or remedial action which shall be completed before the suspension will be lifted by the commissioner or secretary.

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Section 40-29-108 - Extension of Sandbox Period. Note: This Is Effective as of 1/1/2020.