Effective October 1, 2026, Maryland enacted SB 261 to exclude certain payroll processing arrangements from the definition of money transmitter.
What changed
Payroll processors may surrender their money transmitter licenses post-October 1, 2026.
Compliance perspective
Review licensing requirements to determine if previously licensed payroll processors can now operate without a license.
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.