ND HB1268

Creates a financial technology sandbox program allowing persons to offer innovative financial products and services with waivers from existing statutory and rule requirements for an initial period not exceeding 24 months.

Applicants must submit applications to the Commissioner of Financial Institutions or Secretary of State with a $500 fee, undergo criminal background checks, and post a consumer protection bond of at least $10,000 commensurate with risk profile.

Establishes consumer protections including required disclosures that products are temporary, undergoing testing, may not function as intended, entail financial risk, and that the state does not endorse or guarantee them.

Authorizes the Commissioner and Secretary to revoke or suspend sandbox authorization for violations, material misstatements, conditions that would have warranted denial, or if continued testing would harm consumers.

Creates a financial technology innovation account funded by application fees, with separate subaccounts controlled by the Commissioner and Secretary for administering the program.