Maine § 10 §1495-D Licensing; proof of insurance and bonding; fees

Maine Statutes

§ 10 §1495-D — Licensing; proof of insurance and bonding; fees

Maine·Title 10 COMMERCE AND TRADE·Part 3 REGULATION OF TRADE·Ch. 222 PAYROLL PROCESSORS

1.License required. A person desiring to engage or continue in business in this State as a payroll processor shall apply to the administrator for a license under this chapter on or before January 31st of each year. The application must be in a form prescribed by the administrator. The administrator may refuse the application if it contains erroneous or incomplete information. A license may not be issued unless the administrator, upon investigation, finds that the financial responsibility, character and fitness of the applicant and, where applicable, its partners, officers or directors, warrant belief that the business will be operated honestly and fairly within the purposes of this chapter. 1-A. License requirements; fees. The administrator may require licensing under this section through

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1.
License required.
A person desiring to engage or continue in business in this State as a payroll processor shall apply to the administrator for a license under this chapter on or before January 31st of each year. The application must be in a form prescribed by the administrator. The administrator may refuse the application if it contains erroneous or incomplete information. A license may not be issued unless the administrator, upon investigation, finds that the financial responsibility, character and fitness of the applicant and, where applicable, its partners, officers or directors, warrant belief that the business will be operated honestly and fairly within the purposes of this chapter.
1-A.
License requirements; fees.
The administrator may require licensing under this section through the nationwide mortgage licensing system and registry as defined in Title 9‑A, section 13‑102, subsection 8. The administrator is authorized to participate in the nationwide mortgage licensing system and registry.
2.
Proof of fidelity insurance.
Each applicant for a limited payroll processor license, and each applicant for a full-service payroll processor license that issues payroll checks, shall provide to the administrator proof of one of the following, at the applicant's option, in an amount 2 times the highest weekly payroll processed by the applicant in the preceding year or in the amount of $5,000,000, whichever is less:
3.
Proof of surety bond or other security.
Except as provided in section 1495‑E, subsection 4, an applicant under subsection 1 shall provide to the administrator proof of the surety bond or other security instrument required pursuant to section 1495‑E.
3-A.
Conditional, probationary or provisional licenses.
The administrator, within the administrator's discretion, may issue a conditional, probationary or provisional license to an applicant. A conditional, probationary or provisional license may run for any time period the administrator considers appropriate and must be consistent with ensuring the maximum practicable protection for employers.
4.
Fees.

Maine § 10 §1495-D (Licensing; proof of insurance and bonding; fees) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 2003, c. 668, §6 (NEW). PL 2003, c. 668, §12 (AFF). PL 2005, c. 278, §§1-3 (AMD). PL 2011, c. 308, §§4, 5 (AMD). PL 2021, c. 245, Pt. D, §§9, 10 (AMD).