Have you heard of Money Transmitter Licensing (MTL)?
Take a deep dive into MTL with Matt and Bridget Escobar, as they talk about Bridget's background and delve deeper into the realm of Money Transmitter Licensing on Payroll Bureaus in this Payrollin’ episode.
They also talk about the following and more:
Model Law
MTL Penalties
How do you ensure compliance with MTL to avoid penalties
MyPayrollHR fraud case
Joining the Independent Payroll Providers Association (IPPA)
Three Key Takeaways
1. The Model Law has been adapted by various boards, each with its own set of penalties that encompass fines of different amounts, as well as categorizations as a crime, misdemeanor, or felony.
2. Understanding the extent and quantity of Payroll Processors is crucial. There are 28,000 licensed agents affiliated with the IRAs, and there are 4,800 Payroll Processors nationwide listed under Payroll Processing Services
3. If you are an independent payroll bureau, consider joining the IPPA to gain more information about the Model Law.
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