Maryland's SB 261 narrows the scope of money transmitter licensing by excluding specific payroll-processing arrangements.
What changed
Exclusion of certain payroll-processing agent-of-payor arrangements from the definition of 'money transmitter'.
Compliance perspective
Money transmitters should review their operations to ensure they are not affected by this definition change.
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.