Maryland HB118 modifies the definition of "money transmitter" to exclude certain payroll processing agents from needing a license.

Maryland HB118 amends the Maryland Money Transmission Act to refine the definition of "money transmitter." Specifically, it excludes a person designated as an agent of a payor who provides payroll processing services under a written agreement, as long as the payor publicly identifies the agent as providing these services and the payor's obligation to payees remains intact even if the agent fails to remit funds. This change aims to clarify licensing requirements for payroll processing agents.

Maryland HB118 modifies the definition of "money transmitter" to exclude certain payroll processing agents from needing a license.

Maryland HB118 amends the Maryland Money Transmission Act to refine the definition of "money transmitter." Specifically, it excludes a person designated as an agent of a payor who provides payroll processing services under a written agreement, as long as the payor publicly identifies the agent as providing these services and the payor's obligation to payees remains intact even if the agent fails to remit funds. This change aims to clarify licensing requirements for payroll processing agents.