Effective October 1, 2026, Maryland's Money Transmission Act now excludes certain payroll processors from the definition of a money transmitter under specified conditions. This provides clarity for payroll processors on their licensing requirements.
What changed
Payroll processors acting as agents of payors are now exempt from needing a money transmitter license if statutory conditions are met.
Compliance perspective
Companies should assess their licensing requirements based on the new exemption criteria to determine if they remain compliant.
Key date
Effective date: October 1, 2026.
Need help keeping up with these changes?
Tell us where you operate and what licenses you hold; we'll handle the filings and renewals so changes like this do not catch you off guard.