Payroll Companies Facing New Regulations

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Payroll Companies Facing New Regulations
Currently, multiple states have already enacted the Model Money Transmission Modernization Act (MTMA) either in whole or in part.
However, it's worth noting that some states, like Indiana, have adopted the MTMA without including the payroll provider provision.
As a payroll company, it is crucial to be aware that what used to be a unique occurrence, with only a few states considering payroll companies as money transmitters, has now become the majority opinion nationwide.
As an industry, this has prompted us to review the laws of all 50 states and territories where we handle money. We need to determine if we fall under the definition of money transmission in each state and if there are any clear exceptions in the law.
In cases where ambiguity exists, we need to either obtain a license or seek clarification from the state regulator regarding the need for a license.
Overall, the regulatory landscape for payroll companies has shifted, and compliance with money transmission regulations has become more important. It is crucial for payroll companies to thoroughly understand the laws of each state and ensure they are operating within the legal framework or taking necessary steps to obtain proper licenses or exceptions.
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Host: Mike Vannoy, VP of Marketing at Asure
Expert panelist: Chris W. Bell, Regulatory Compliance Attorney with Asure
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