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MD SB261
Bill
Status
Engrossed
2/19/2026
Primary Sponsor
Pamela Beidle
Click for details
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
Referred Economic Matters
2/20/2026
Committee Referrals
Economic Matters2/20/2026
Finance1/19/2026
Full Bill Text
No bill text available