Chapter 169

(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…

(a) The Innovation Council or applicable State agency may collect personal information that is relevant and necessary to accomplish a lawful purpose. The Innovation Council or applicable State agency may not disclose personal information without the consent of the subject of the …

The Innovation Council may explore, receive input, analyze, and make recommendations, with respect to blockchain initiatives and the application of blockchain technology, that would additionally provide benefit to the State, its consumers, and its industry. (2021-166, s. 1.)

(a) A sandbox participant is deemed to possess an appropriate license under the laws of this State for purposes of any provision of federal law requiring State licensure or authorization. (b) The Innovation Council or applicable State agency may enter into agreements with other S…

(a) The Innovation Council shall appoint an Executive Director for a renewable term of two years with compensation to be determined by the Office of State Human Resources. (b) The Executive Director shall serve at the pleasure of the Council, with the position being exempt from C…

(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, con…

(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 waiver under subsection (a) of this section sha…

(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 North Carolina by en…

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 participating nonprofit organizations may also …

(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 in…

(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 the waiver. In…

(a) Nothing in this Chapter shall be construed as allowing the Council or an applicable State agency to grant an innovation waiver that alters or amends any of the following: (1) Article 12 of Chapter 20 of the General Statutes, Motor Vehicle Dealers and Manufacturers Licensing L…

A sandbox participant must retain comprehensive records, documents, and data produced in the ordinary course of business regarding an innovative product or service tested in the regulatory sandbox for a period not less than five years after the conclusion of the period of the tes…