Disclosures for payroll processing services

Tenn. Code Ann. § 45-7-133, under Money Transmission Modernization Act.

Tenn. Code Ann. § 45-7-133

(a) A 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 paystubs or an equivalent statement to workers.

(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 paystubs or an equivalent statement to workers.

(b) Subsection (a) does not apply to a 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 subdivision (a)(2).