Rhode Island Loan Broker Bond

The Rhode Island Loan Broker Bond is required by the State of Rhode Island Department of Business Regulation.

According to the National Mortgage Licensing System, “any company that for compensation or gain… solicits, processes, negotiates, places or sells a loan within [Rhode Island]” is required to be licensed with the State. A loan is brokered “within the state” if:

• The loan is secured by real property located in the state
• An application for a loan is taken or received by an employee, agent, or representative of the loan broker within the state
• The loan closes within the state
• The loan solicitation is done by an individual with a physical presence in the state
• The loan broker maintains an office in the state

A requirement for loan broker licensure in the State of Rhode Island is the filing of a Surety Bond. The Rhode Island Loan Broker Bond ensures that the loan broker performs all business activities in compliance with Title 19 of the State of Rhode Island General Laws.

The required amount of a Rhode Island Loan Broker Bond is $20,000.

However, if the applicant is planning to use branch offices to conduct activity, he or she must increase the Surety Bond by:

• $10,000 if they maintain four to seven branch locations
• $25,000 if they maintain eight or more branch locations

License Fees and Requirements:

• Surety Bond
• Net worth of $10,000
• Criminal Background Check
• Qualifying Individual
• Credit Report
• Financial Statements
• Disclosure Questions
• $925 Licensing Fee (including the NMLS processing fee)

All fees are required by the obligee, not the Surety Company.

CLICK HERE for more licensing information from the State of Rhode Island Department of Business Regulation.

APPLY for your Rhode Island Loan Broker Bond today!