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Bureau Adopts Revised Payroll Processor Rule
August 29, 2024
Effective August 28, 2024, the Bureau of Consumer Credit Protection has adopted rule Chapter 710, Establishment of License and Renewal Fees and Application Requirements For Maine's Payroll Processor Licensing and Requirement For Licensing Through the Nationwide Multistate Licensing System (NMLS) (attached). This rule repeals and replaces current Chapter 710 and clarifies the requirements for the types of records that can be used by an applicant for licensure as a payroll processor to show its financial condition.
This rule is intended to make clear that evidence of financial condition must be submitted and that audited financial statements, although preferred, are not the only documents that may be used as evidence of financial condition. The rule also extends the period of transition to the Nationwide Multistate Licensing System (NMLS) for payroll processors through October 31, 2024 and modifies certain requirements for licensure.
Additional copies of the rule are available online from the Maine Secretary of State HERE. For questions regarding Rule 710, please contact:
Mark Susi, Staff Attorney
Bureau of Consumer Credit Protection
35 State House Station
Augusta, ME 04333-0035
Phone: (207) 624-8527
Fax: (207) 582-7699
Mark.E.Susi@maine.gov
Attachments
Bureau Rule Ch. 710 - effective August 28, 2024 (DOCX)
Bureau Rule Ch. 710 Factual and Policy Basis (DOCX)
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