Maryland's legislation excludes certain payroll processors from the definition of money transmitter under specific conditions.
What changed
Changes to the definition allow certain payroll processors to operate without a money transmission license if they meet specified criteria.
Compliance perspective
Licensed firms should evaluate their status under the new definitions and consider license surrender if eligible.
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.