C.M.R. 02, 030, ch. 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)

SUMMARY

This rule repeals and replaces current Chapter 710 to clarify 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. The 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 NMLS for payroll processors and modifies certain requirements for licensure.

This chapter is not applicable in cases in which the payroll processor is a supervised financial organization, as defined in Title 9-A, section 1-301, subsection 38-A, or a wholly owned subsidiary of a supervised financial organization.