The Maine Payroll Processor Bond is required by the Superintendent of the Bureau of Consumer Credit Protection. Anyone who applies for a Payroll Processor license in the state of Maine must have this bond.
A payroll processor is someone who provides payroll processing service for one or more employers. These services include:
- Payroll checks – prepare and file.
- State income withholding tax reports – prepare and file.
- State unemployment insurance contribution reports – prepare and file
- Collect, hold and turn over to the State Tax Assessor, income withholding taxes pursuant to Title 26.13.7.
What is the purpose of a Maine Payroll Processor Bond and how much is it?
The bond assures the state that the bondholder shall faithfully perform the duties and obligations pertaining to the business of a Payroll Processor. The bond amount is a$50,000 minimum, but, not to exceed $500,000. The actual amount is equal to the total of all local, state and federal tax payments and unemployment insurance premiums, in the 3-consecutive-month period of highest volume during the previous calendar year.
What are other Payroll Processor License Requirements?
- Submit the application on or before January 31 each year.
- A check made out to “Treasure, State of Maine” for your license fee.
- $200 if the applicant has fewer than 25 employers
- $500 for 25-500 employers
- $800 for more than 500 employers
- A sample of the periodic report to employer required by Maine Law.
Why should I choose Surety1?
Here at Surety1, we can get you bonded quickly with the lowest rates. First, complete our free online application form. Next, one of our licensed agents will contact you with a no-obligation quote on the bond premium. Lastly, once you remit the premium payment and sign the necessary paperwork, your surety bond will be mailed to you. Shipping options include USPS priority mail or overnight shipping for an additional fee.
Surety1 has been writing bonds in Maine since 2003. With an A+ rating by the Better Business Bureau, you can be assured quality service for all of your surety bond needs.