Texas Finance Code

§ 152.304 — DISCLOSURES FOR PAYROLL PROCESSING SERVICES

FI § 152.304Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 152. REGULATION OF MONEY SERVICES BUSINESSES · Art. G. GENERAL DUTIES AND RESTRICTIONS FOR MONEY TRANSMISSION LICENSEE

Statute text

View on source

(a)A money transmission licensee that provides payroll processing services shall:

(1)issue reports to clients detailing client payroll obligations in advance of the payroll funds being deducted from an account; and

(2)make available worker pay stubs or an equivalent statement to workers.

(b)Subsection (a) does not apply to a money transmission licensee providing payroll processing services where the licensee's client designates the intended recipients to the licensee and is responsible for providing the disclosures required by Subsection (a)(2).

Legislative history

Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.