On June 29, 2026, Maryland issued an advisory stating that certain payroll processors are exempt from money transmitter licensure if stated conditions are met. Licensed firms that become exempt may surrender the license on or after October 1, 2026, or allow it to expire on December 31, 2026.
What changed
Maryland clarified the scope of its money transmitter law by carving qualifying payroll processors out of licensure, subject to stated conditions and transition timing.
Compliance perspective
Payroll processors with Maryland activity should complete an exemption analysis and decide whether to maintain, surrender, or allow an existing license to expire. Firms should document the basis for exemption and prepare for the state's surrender timeline.
Key date
Effective date: June 29, 2026.
Need help staying compliant?
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