The Rhode Island Debt Management Services Bond is a type of surety bond required to obtain a DEBT MANAGEMENT SERVICES REGISTRATION (License) in the state. Debt-management services” means services as an intermediary between an individual and one or more creditors of the individual for the purpose of obtaining concessions. While the registration is a requirement of the Department of Business Regulation, Division of Banking, the registration application and administration is through the Nationwide Mortgage Licensing System (NMLS).
Total License costs: $300.00; the NMLS processing fee has been waived. A $15 fee for a credit report will be added if one has not been authorized through NMLS in the past 30 days for each required control person. $36.25 will be added per FBI Criminal Background Check authorization. Fees collected through the NMLS ARE NOT REFUNDABLE. The Qualifying Individual for the registration must have a minimum of five (5) years experience in the debt management services industry. Click her for a checklist of the license requirements.
Registration 9Licensee) is required to obtain and maintain a bond in the sum of fifty thousand dollars ($50,000) base amount increasing coverage by ten thousand dollars ($10,000) for 4 to 7
agent locations and twenty five thousand dollars ($25,000) for 8 or more agent locations (Agent locations DO NOT need to obtain a license). The Rhode Island Debt Management Services Bond is filed electronically by Surety1.com with the NMLS.
How to obtain a Rhode Island Debt Management Services Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Rhode Island Debt Management Services Bond will be filed electronically with the NMLS.
1-The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the registration/ license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003. We also maintain an A+ rating from the Better Business Bureau.
Visit our State-By-State Guide to Credit Services Bonds