HB 1047
Regulation of payroll service providers.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
Requires a payroll service provider to provide the option to a business client that would allow the business client to hold the business client's funds in a bank account that is: (1) owned by the business client (as opposed to the payroll service provider's bank account); and (2) insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. Requires a payroll service provider to obtain a performance bond equal to the amount of the business client's total annual estimated payroll taxes.
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