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How much does a payroll processor bond cost in Maine?
The Maine Bureau of Consumer Credit Protection requires payroll processors to post surety bonds to be licensed to work within the state. The required bond amount varies depending on the volume of business conducted by the processor. The bond amount is equal to $10,000 or the total of all local, state and federal tax payments/unemployment insurance premiums processed in the 3 months of highest volume during the previous calendar year, whichever is greater. Regardless, the bond amount cannot exceed $500,000. To ensure you purchase the correct amount of bond coverage, verify your required bond amount with the state.
These bonds are subject to underwriting consideration, so the amount you pay depends on your required bond amount and a review of your personal credit report. Because the amount and price of this bond can vary so much, we suggest contacting our team to get your free, personalized surety bond quote.
Call 1 (800) 308-4358, or submit a bond request, to get started. Our experts make the bonding process fast and easy.
Why do I need this bond?
Maine payroll processor surety bonds guarantee that principals (payroll processors) perform their duties in compliance with Title 10 M.R.S.A, Chapter 222. The purpose of this bond is to ensure that payroll processors provide accurate accounts of all payroll issued/disclosure statements and pay the state all required taxes and fees required by law.
If a processor fails to abide by all applicable rules and regulations and a valid claim is made against the bond, the surety will cover damages to harmed parties up to the full bond amount. The principal must then reimburse the surety for damages paid out.
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What’s the fine print?
Payroll processor bonds in Maine are continuous until canceled. The surety can cancel the bond by giving written notice of cancellation via certified mail to the principal and the Superintendent of the Bureau of Consumer Credit Protection of the State of Maine. Cancellation becomes effective 30 days after the receipt of said notice.
A certified notary public must acknowledge these bonds.
How to become a payroll processor in Maine
To become a licensed payroll processor in Maine, applicants must submit a completed application form with the following information:
- full trade name (including DBA)
- address of location to be licensed
- address of home office, if different
- type of business entity being licensed
- federal ID number
- sample of the periodic report to employer required by Maine law
- surety bond in the proper amount
The primary application, branch application, bond form and necessary cover letter can be accessed from the Additional Resources section of this page. Take the first step toward getting licensed by purchasing the surety bond you need.