Committee considers HB 118 to exclude payroll processors from automatic money‑transmitter status
HB 118 would take payroll processors out of the presumption that they are money transmitters under Maryland law; OFR clarified companies that perform money transmission would still need to be licensed.
The full story
Delegate Pam Queen presented House Bill 118 to clarify the Maryland Money Transmitters Act so that payroll processors are not automatically deemed money transmitters. Queen said payroll processors act as agents of employers and are subject to different oversight than businesses that accept and transmit public funds.
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