This bill creates the Payroll Processor Recovery Fund, to be maintained by the Finance Authority of Maine and administered by the Department of Professional and Financial Regulation, Office of Consumer Credit Regulation. This bill protects employers and assists small payroll processors by giving those payroll processors the option of providing a $10,000 bond or letter of credit and then using the fund in lieu of additional surety bonds or letters of credit. The Office of Consumer Credit Regulation provides an initial deposit into the fund and annually assesses those payroll processors that opt to participate in the fund. The annual assessments against payroll processors using the fund equal 1% of their total bond or letter of credit coverage requirement. The bill also clarifies that supervised financial organizations acting as payroll processors are subject to regulation by the Superintendent of Financial Institutions within the Department of Professional and Financial Regulation.