Any person or entity applying for a Loan Broker License in Rhode Island to solicit, process, negotiate, place, or sell loans for others in the primary market. Required when: Application for a Loan Broker License through the Nationwide Multistate Licensing System (NMLS). Exemptions: Financial institutions, credit union…
Overview
What it is.
Any person or entity applying for a Loan Broker License in Rhode Island to solicit, process, negotiate, place, or sell loans for others in the primary market. Required when: Application for a Loan Broker License through the Nationwide Multistate Licensing System (NMLS). Exemptions: Financial institutions, credit union…
Who usually needs it
Any person or entity applying for a Loan Broker License in Rhode Island to solicit, process, negotiate, place, or sell loans for others in the primary market.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateRIBond amount$20,000Term lengthContinuousObligeeRhode Island Department of Business Regulation, Division of BankingRenewalThe bond is perpetual and remains in effect as long as the license is active. Renewal is managed through the NMLS system, and the premium must be paid annually to the surety company to prevent cancellation.Bond classLicense BondCategoryFinancial ServicesBondLoan Broker BondStatutory referenceR.I. Gen. Laws § 19-14-6JurisdictionState
