Maryland's new law alters the definition of 'money transmitter' to exclude payroll processing services under certain conditions. This change is effective October 1, 2026.
What changed
The definition of 'money transmitter' is updated, potentially easing compliance burdens for payroll processors.
Compliance perspective
Entities engaging in payroll processing should assess whether they fall under the new definition and adjust compliance measures accordingly.
Key date
Effective date: October 1, 2026.
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