The Rhode Island Small Loan Lender Bond is required by the Department of Business Regulation in the amount of $10,000. If there is more than one location the bond amount is increased by $10,000, up to 7 branch locations. $25,000 for 8 or more branch locations.
The bond states that the bondholder, or Principal, shall conform to and abide by each and every provision of Title 19, Chapters 14 and 14.1 of the General Laws of Rhode Island 1956, as amended. In addition, all rules and regulations lawfully made by the Director of Business Regulation shall be followed.
Who is required to have the Rhode Island Small Loan Lender Bond?
Any company or individual making a loan in the amount of $5,000 or less must be licensed in the state. One of the requirements in order to be licensed is having the surety bond. This bond must be issued by a company licensed to operate their business in Rhode Island.
What are other requirements for licensing?
All licensees shall make application for license through the NMLS. The New Application Checklist will provide details.
- Credit report
- Disclosure questions
- Financial statements
- Certificate of Authority/Good Standing Certificate
- Formation Document
- Criminal Background Checks
- Financial statement of legal entities that directly own applicant
- Maintain a minimum net worth of $25,000
How do I obtain a Rhode Island Small Loan Lender Bond?
Start the process my completing our free online application form. After that, one of our licensed agents will contact you with a no-obligation quote for your bond. If you wish to move forward with us, just pay the quoted price and sign the agreement. Your Rhode Island Small Loan Lender Bond will be mailed via USPS Priority Mail. Overnight delivery is available for an additional fee.
Surety1 is licensed in all 50 states. We have an A+ rating from the Better Business Bureau for our outstanding customer service.