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Rhode Island Loan Broker Bond
Bond Requirements and Online Application
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:
Net worth of $10,000
Criminal Background Check
$925 Licensing Fee (including the NMLS processing fee)
All fees are required by the obligee, not the Surety Company.
1. Complete an online application. It's free and no-obligation.2. One of our surety experts will contact you with a firm quote and an agreement to sign.3. Provide payment and your signed agreement, and then you will receive your Rhode Island Loan Broker Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days