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General_Provisions_General_Article_§_169-1._ Short_title;_definitions. | § 169-1. Short title; definitions. (a) This Chapter shall be known and may be cited as the "North Carolina Regulatory Sandbox Act of 2021." (b) The following definitions apply in this Chapter: (1) Applicable State agency. - The Office of the Commissioner of Banks or the Department of Insurance, based upon either's reg... | [
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General_Provisions_General_Article_§_169-2._ Legislative_findings. | § 169-2. Legislative findings. (a) The General Assembly finds that the banking and insurance industry is a major economic driver for the State. The General Assembly also finds that FinTech, InsurTech, and other emerging technologies are undergoing a transformational period and providing greater automation, connectivit... | [
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General_Provisions_General_Article_§_169-3._ Regulatory_sandbox_program_established;_innovation_waivers;_limitations. | § 169-3. Regulatory sandbox program established; innovation waivers; limitations. (a) Notwithstanding any other provision of law, a person who makes an innovative product or service available to consumers in the regulatory sandbox may be granted a waiver of specified requirements imposed by statute or rule. (b) A waiv... | [
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General_Provisions_General_Article_§_169-4._ North_Carolina_Innovation_Council_established. | § 169-4. North Carolina Innovation Council established. (a) The North Carolina Innovation Council is established. The Council shall be administratively housed in the Department of Commerce. The purpose, powers, and duties of the Council are as follows: (1) To support innovation, investment, and job creation within Nor... | [
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General_Provisions_General_Article_§_169-5._ Regulatory_assistance;_technical_assistance;_nonprofit_organizations. | § 169-5. Regulatory assistance; technical assistance; nonprofit organizations. A designated nonprofit organization which has been duly authorized by the Office of the Secretary of State shall be recognized as partners that may help sandbox applicants navigate the regulatory sandbox application process. Certain partici... | [
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General_Provisions_General_Article_§_169-6._ Regulatory_sandbox_applications. | § 169-6. Regulatory sandbox applications. (a) An entity may apply to participate in the regulatory sandbox by submitting an application to the Innovation Council. The Innovation Council shall select and refer applicants to the applicable State agency. Admission to the regulatory sandbox shall not be against the public... | [
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General_Provisions_General_Article_§_169-7._ Regulatory_sandbox_requirements;_procedures. | § 169-7. Regulatory sandbox requirements; procedures. (a) Upon approval of an applicant's application for entry into the regulatory sandbox, the applicant will have a period of 24 months to test the innovative product or service. The Council may revoke the waiver if the applicant fails to meet any of the conditions of... | [
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General_Provisions_General_Article_§_169-8._ Consumer_protections. | "§ 169-8. Consumer protections. (a)\tNothing in this Chapter shall be construed as allowing the C(...TRUNCATED) | [-0.029097560793161392,-0.010879592038691044,-0.019206911325454712,0.02778434380888939,0.00710093276(...TRUNCATED) | {"article_title":"General Article","section_title":"§ 169-8. Consumer protections.","subchapter_t(...TRUNCATED) |
General_Provisions_General_Article_§_169-9._ Records_requirements. | "§ 169-9. Records requirements. A sandbox participant must retain comprehensive records, document(...TRUNCATED) | [-0.011323267593979836,0.0407266803085804,-0.05756578966975212,-0.0019086342072114348,-0.00481912307(...TRUNCATED) | {"article_title":"General Article","section_title":"§ 169-9. Records requirements.","subchapter_t(...TRUNCATED) |
General_Provisions_General_Article_§_169-10._ Privacy;_confidentiality_of_records. | "§ 169-10. Privacy; confidentiality of records. (a)\tThe Innovation Council or applicable State a(...TRUNCATED) | [0.009818230755627155,0.0030130501836538315,-0.03754980117082596,0.009055959060788155,-0.00370655395(...TRUNCATED) | {"article_title":"General Article","section_title":"§ 169-10. Privacy; confidentiality of records(...TRUNCATED) |
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