As per N.C.G.S. 169-1 and N.C.G.S. 169-5: “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, or portions thereof…
…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 interest and shall not unreasonably increase risk to consumers.”

*DISCLAIMER- This is an application to the NC Regulatory Sandbox, not to Carolina Fintech Hub. All decisions about acceptable into the Regulatory Sandbox shall be at the sole discretion of the NC Innovation Council and the Carolina Fintech has no association with said Council*

In determining admission to the regulatory sandbox program, the Innovation Council shall consider all of the following:
(1) The nature of the innovative product or service proposed to be made available to consumers, including the potential risk to consumers.
(2) The methods that will be used to protect consumers and resolve complaints during the sandbox period.
(3) A business plan, including availability of capital.
(4) Whether the entity's management has the necessary expertise to conduct a pilot of the innovative product or service during the sandbox period.
(5) Whether any person substantially involved in the development, operation, or management of the innovative product or service has been convicted of or is currently under investigation for fraud or State or federal securities law violations.

*There will be a $50 application fee due to the State of North Carolina, but could be higher, depending on the application and discretion of the applicable state agency.