Fintech Sandbox Legislation headed to Ohio House for Vote

11/16/22

As the General Assembly returns from their summer break, many bills are being heard in committee. One of those bills is Senate Bill 249 also know as the Fintech Sandbox Bill. This bill would create a regulatory sandbox where a financial institution or financial technology company can test its product or service with a relaxed regulatory environment for a set duration and on an established number of consumers. OBL has worked with Sen. Steve Wilson (R-Maineville) along with other interested parties including Jobs Ohio, Innovate Ohio, and the Administration on SB 249. In previous hearings, OBL provided interested party testimony highlighting the need for regulators to gain a better understanding of fintechs to properly regulate them.

This week, SB 249 was heard and voted out of the House Financial Institutions Committee where it is now headed to the House floor for a vote. SB 249 has already made its way through the Senate, so if the House passes this bill, it will be sent to Governor DeWine for signature.