Maine Bureau of Consumer Protection Issues Proposed Payroll Processor Rule for Comment

April 3, 2024

The Bureau of Consumer Credit Protection has issued proposed agency rule Chapter 710 for comment. This proposed 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. Copies of the rule are available online from the Bureau of Consumer Credit Protection HERE.

Comment Deadline: May 3, 2024

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