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House approves fintech regulatory sandbox to be run by Department of Commerce
Summary
The House passed Second Substitute HB 378 to create a fintech regulatory sandbox administered by the Department of Commerce, shortening certain extension periods and allowing supervised two-year testing with consumer protections; the bill passed 70-0 and moves to the Senate.
The Utah House on March 4 approved Second Substitute House Bill 378, establishing a fintech regulatory sandbox administered by the Department of Commerce that allows financial-technology firms to test products under certain waived regulatory requirements and monitoring.
Representative Roberts, sponsor, said the substitute moves program control from GoEd to the…
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