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MD SB261

Bill

Official Source

Status

Passed

4/14/2026

Primary Sponsor

Pamela Beidle

Click for details

Origin

Senate

2026 Regular Session

AI Summary

  • Excludes payroll processing agents from the definition of "money transmitter" under the Maryland Money Transmission Act, eliminating the requirement for these agents to obtain a money transmission license
  • Requires three conditions for the exclusion: a written agreement between the payor and agent for payroll services, the payor publicly holding out the agent as acting on its behalf, and the payor's payment obligations to employees remaining intact if the agent fails to remit funds
  • Amends Section 12-401(q) of the Financial Institutions Article of the Annotated Code of Maryland
  • Takes effect October 1, 2026

Legislative Description

Maryland Money Transmission Act - Definition of Money Transmitter - Alteration

Financial Institutions

Last Action

Approved by the Governor - Chapter 21

4/14/2026

Committee Referrals

Economic Matters2/20/2026
Finance1/19/2026

Full Bill Text

No bill text available