(a) Nothing in this Chapter shall be construed as allowing the Council or an applicable State agency to grant an innovation waiver that alters or amends any of the following:

(1) Article 12 of Chapter 20 of the N.C. Gen. Stat., Motor Vehicle Dealers and Manufacturers Licensing Law.

Terms Used In North Carolina General Statutes 169-8

  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3

(2) Chapter 24 of the N.C. Gen. Stat., Interest.

(3) Chapter 25A of the N.C. Gen. Stat., Retail Installment Sales Act.

(4) Chapter 25B of the N.C. Gen. Stat., Credit.

(5) Article 15 of Chapter 53 of the N.C. Gen. Stat., Consumer Finance Act.

(5a) All financial and solvency requirements that apply to nonadmitted domestic surplus lines insurers pursuant to N.C. Gen. Stat. § 58-21-21(g).

(5b) Article 36 of Chapter 58 of the N.C. Gen. Stat., North Carolina Rate Bureau.

(5c) Article 37 of Chapter 58 of the N.C. Gen. Stat., North Carolina Motor Vehicle Reinsurance Facility.

(6) Article 70 of Chapter 58 of the N.C. Gen. Stat., Collection Agencies.

(7) Article 20 of Chapter 66 of the N.C. Gen. Stat., Loan Brokers.

(8) Chapter 75 of the N.C. Gen. Stat., Monopolies, Trusts, and Consumer Protection.

(9) Any other criminal or consumer protection laws.

(b) Prior to offering an innovative product or service to consumers, a sandbox participant shall make all of the following disclosures to consumers:

(1) The name and contact information of the sandbox participant.

(2) That the innovative product or service is authorized pursuant to the regulatory sandbox for a temporary testing period.

(3) That neither the State of North Carolina nor any of the applicable State agencies endorses or recommends the innovative product or service and is not subject to any liability for losses or damages caused by the product or service.

(4) That the consumer may contact the applicable State agency, including the Attorney General, to file complaints, notices of suspected legal violations, or other comments relating to the innovative product or service being tested and provide the consumer with the requisite agency telephone number and website address or other contact information where complaints or other comments may be filed.

All disclosures to consumers must be in a clear and conspicuous format in both English and Spanish.

(c) Any other statements or additional disclosures that may be required by the relevant State agency or by regulation to further the purposes of this Chapter.

(d) Nothing in this act affects the applicable State agency’s exercise of its authority with respect to the efficacy of an innovative insurance product or service or limits the ability of an applicable State agency to ensure the financial capability of a sandbox participant transacting business with consumers. (2021-166, s. 1; 2022-46, s. 21.)

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