AB430

Existing law provides for the licensure and regulation by the Commissioner of Financial Institutions of persons engaged in money transmission. (Chapter 671 of NRS) Existing law defines “money transmission” to include payroll processing services, thereby requiring a person engaged solely in the provision of payroll processing services to be licensed by the Commissioner. (NRS 671.013) Section 1 of this bill removes provisions which include the provision of payroll processing services within the definition of money transmission. Section 2 of this bill exempts a person engaged solely in the provision of payroll processing services from the provisions governing money transmission. As such, under sections 1 and 2, a person engaged solely in the provision of payroll processing services is not required to obtain a license from the Commissioner, under the provisions of existing law governing money transmission, to engage in the provision of payroll processing services. Section 3 of this bill repeals provisions setting forth certain duties of persons engaged in the provision of payroll processing services. Close digest Existing law provides for the licensure and regulation by the Commissioner of Financial Institutions of persons engaged in money transmission. (Chapter 671 of NRS) Existing law defines “money transmission” to include payroll processing services, thereby requiring a person engaged solely in the provision of payroll processing services to be licensed by the Commissioner. (