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Supporters say Maryland should stop treating payroll processors as money transmitters
Summary
SB 261 would amend Maryland’s Money Transmission Act to exclude payroll processors from being classified as money transmitters, sponsors said, arguing compliance costs and multi‑state bonding make the current categorization impractical for small payroll firms and that most states do not treat payroll processors as money transmitters.
Sydney Hamilton, presenting on behalf of Senate sponsor, told the committee that SB 261 would amend the Maryland Money Transmission Act to align with most states by clarifying that payroll processors are not money transmitters.
Hamilton said payroll processors provide advisory and payroll‑administration services with…
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