CHAPTER 668

H.P. 1369 - L.D. 1843

An Act To Require Surety Bonding by Payroll Processing

Companies

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 10 MRSA §1495, sub-§1-A is enacted to read:

1-A.__Administrator.__"Administrator" means, except in cases in which the payroll processor is a wholly owned subsidiary of a supervised financial organization as defined by Title 9-A, section 1-301, subsection 38-A, the Director of the Office of Consumer Credit Regulation within the Department of Professional and Financial Regulation.__In cases in which the payroll processor is a wholly owned subsidiary of a supervised financial organization as defined by Title 9-A, section 1-301, subsection 38-A, "administrator" means the Superintendent of Financial Institutions within the Department of Professional and Financial Regulation.

Sec. 2. 10 MRSA §1495-A, as enacted by PL 1999, c. 172, §1 and affected by §2, is repealed.

Sec. 3. 10 MRSA §1495-B, sub-§§1 and 2, as enacted by PL 1997, c. 495, §1, are repealed.

Sec. 4. 10 MRSA §1495-B, sub-§§3 to 7 are enacted to read:

3.__Periodic reports to employers.__On a regular basis not less frequently than quarterly, a payroll processor shall provide to each employer an accounting of: