Each applicant for a Maine payroll processor license must provide a surety bond. The bond must be in an amount equal to the total of all local, state and federal tax payments and unemployment insurance premiums processed by the payroll processor on behalf of employers in the State in the 3-consecutive-month period of highest volume during the previous calendar year or $50,000, whichever is greater, but not to exceed $500,000. The payroll processor bond must designate the state’s named administrator as payee and may be used for the purposes of the administrator and for the benefit of any employer who may have a cause of action against the payroll processor. Surety One, Inc., the nation’s leader in surety can accommodate both the surety and fidelity bond needs of payroll processors in all states where bonding is required. For more information visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email us at Underwriting@SuretyOne.com.
