Bill > S519

This bill establishes a Financial Services Innovation Office (FSIO) within the Office of Consumer Affairs and Business Regulation to promote financial innovations. The FSIO will assist covered persons, such as those offering or intending to offer financial innovations, in complying with state regulations. The bill requires covered agencies, like the Division of Banks, Division of Insurance, and Securities Division, to modify their existing offices or programs related to financial innovations to operate within the FSIO. The FSIO will establish a committee with representatives from the covered agencies to facilitate cooperation and monitor regulatory developments related to financial innovations. The bill allows covered persons to submit petitions to the FSIO to request modifications or waivers of regulations or state statutory requirements, provided they demonstrate that their alternative compliance strategy serves the public interest, improves access to financial products or services, and does not present systemic risk. If the FSIO approves a petition, it will enter into an enforceable compliance agreement with the covered person, which includes procedures for modifying the agreement, consequences for non-compliance, and confidentiality requirements.

Business and Industry

https://malegislature.gov/Bills/190/S519