HF 5008 Summary

• Modifies the definition of "money transmission" to explicitly include payroll processing services, while excluding solely online or telecommunications services or network access.

• Expands the definition of "payroll processing services" to include transmitting other funds on behalf of an employer in connection with employee-related transactions.

• Adds payroll processing services providers as a new exemption category (clause 14) from money transmitter licensing requirements under Minnesota Statutes chapter 53B.

• Repeals Minnesota Statutes section 53B.58, which previously required licensees providing payroll processing services to issue advance reports to clients and make worker pay stubs available.