Maryland SB261 alters the definition of "money transmitter" to exclude certain payroll processing agents.
Maryland SB261 amends the definition of "money transmitter" under the Maryland Money Transmission Act. It excludes a person designated as an agent of a payor for payroll processing services if there is a written agreement, the payor holds out the agent as a payroll processor, and the payor's obligation to payees remains intact even if the agent fails to remit funds. This change aims to clarify which entities are subject to money transmission licensing requirements in Maryland.
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