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West Virginia
Fintech Regulatory Sandbox Bond

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Coverage Amount: $5,000 - $50,000
Term Length: 1 year
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West Virginia FinTech Regulatory Sandbox Bond Guide

If you’re participating in the FinTech Regulatory Sandbox Program in West Virginia, you’ll need this surety bond. 

Bond Overview

  • Purpose: To ensure funds are available to cover potential losses incurred by consumers 
  • Who Needs It: All companies participating in the FinTech Regulatory Sandbox Program 
  • Regulating Body: The West Virginia Division of Financial Institutions
  • Required Coverage: $5,000–$50,000, based on annual activity
  • Premium Rate: 1–10%, credit-based

Learn all about the bond requirements and process in this guide. 

What Is a West Virginia FinTech Regulatory Sandbox Bond?

Participants in the West Virginia FinTech Regulatory Sandbox Program need a minimum $5,000 surety bond. 

This ensures any consumers harmed by a regulatory sandbox participant will receive compensation for potential losses.

How Much Do FinTech Regulatory Sandbox Bonds Cost?

West Virginia FinTech Regulatory Sandbox Program bonds cost a small percentage of the required coverage amount, typically 1–10%.


Exact rates vary based on personal credit score. Apply for your free quote now!

Bond Type
$5,000Fintech Regulatory Sandbox BondPrincipal has annual activity up to $50,000 or if the principal is not a custodian of funds
$10,000Fintech Regulatory Sandbox BondPrincipal has annual activity from $50,001 to $100,000
$25,000Fintech Regulatory Sandbox BondPrincipal has annual activity from $100,001 to $250,000
$50,000Fintech Regulatory Sandbox BondPrincipal has annual activity over $250,001

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees. 

Who Needs a FinTech Regulatory Sandbox Bond? 

The West Virginia Division of Financial Institutions (DFI) requires this bond for entities that wish to test an innovative FinTech product or service without having to go through licensing. 

This program, which was created in 2020, allows these startups to test for up to 24 months. Filing a surety bond creates financial security if a company breaks the law and a judgement is executed against them. 

How Do I Get My Bond?

SuretyBonds.com provides the fastest and easiest way to get a West Virginia FinTech Regulatory Sandbox Program bond. Just follow these quick steps: 

  1. Apply: Submit an online quote request form
  2. Quote: Receive your quote within one day
  3. Sign: Complete the indemnity agreement 
  4. Buy: Purchase the bond online 24/7

We’ll upload the bond directly to the NMLS on your behalf and provide email confirmation for your records. 

If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance. 

How Does a FinTech Regulatory Sandbox Bond Work? 

This bond creates a legal contract between these three parties: 

  1. Principal: You, the business owner(s) filing the bond
  2. Obligee: The West Virginia Division of Financial Institutions requiring the bond
  3. Surety: The provider issuing the bond

This holds you financially responsible for upholding the provisions of Article 8G, Chapter 31A, of the Code of West Virginia. 

If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you must ultimately refund the surety. 

How Do I Renew My Bond?

These bonds expire annually. To renew your FinTech Regulatory Sandbox Program bond, simply pay your renewal invoice when prompted. 

We’ll begin contacting you by phone and email 90 days before the expiration date. 

More Resources

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