The Rhode Island Loan Broker Bond is required by the State of Rhode Island and Providence Plantations. The bond states that the bondholder shall perform all business activities in compliance with Title 19 of the State’s General Laws. In addition, they shall follow all rules and regulations made by the Director of Business Regulation. They shall also pay any monies that may become due to the State.
What is the bond amount?
The bond amount is set at $20,000. However, if the applicant will use branch offices to conduct activity, the bond must be increased as follows:
- $10,000 if they maintain four to seven branch locations
- $25,000 if they maintain eight or more branch locations
Who needs a Rhode Island Loan Broker Bond?
An individual who solicits, processes, negotiates, places, or sells a loan for others in the primary market must be licensed. The Loan Broker bond is one of the licensing requirements.
What are other Licensing Requirements:
Licensing is done through the NMLS (National Multistate Licensing System & Registry).
- Net worth of $10,000
- FBI Criminal Background Check
- Qualifying Individual
- Credit Report
- Financial Statements
- Disclosure Questions
- $925 Licensing Fee (including the NMLS processing fee)
How do I obtain a Rhode Island Loan Broker Bond?
Surety1, an AssuredPartners Agency can easily get you the bond that you need. First, start the process by completing our easy to navigate, free online application form. Next, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that, we’ll collect the premium payment and have you sign the agreement. Lastly, your Rhode Island Loan Broker bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
Surety1 has been in the business since 2003. We are licensed in all 50 states and our services have earned an A+ rating from the Better Business Bureau.