Rhode Island lender license bonds.
$300 on the $50,000 amount.
A lender licensed in Rhode Island, mortgage lenders included, files a $50,000 surety bond with the Department of Business Regulation, Division of Banking under R.I. Gen. Laws § 19-14-6. The rate is 0.6% of the bond amount, $100 minimum, so $300 at the statutory $50,000.
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How much does a Rhode Island lender license bond cost?
$300 for the $50,000 bond: 0.6% of the bond amount.
Three steps. One sitting.
The amount is statutory and the rate is fixed, so nothing waits on a quote. Here is the entire process:
Apply online
Business details, the owner, an effective date, and a term — that is the entire application. No credit check.
Pay & e-sign
Your premium is already exact at the statutory $50,000, so the bond issues the moment you pay — executed bond and power of attorney on the spot.
File through NMLS
Your executed bond arrives by email, ready to attach to your lender license record for the Division of Banking. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
Rhode Island licenses lenders under chapter 19-14 of the General Laws through the Division of Banking, with applications and renewals handled on NMLS. Section 19-14-6 requires the applicant to file a bond, approved by the director, in the sum of fifty thousand dollars ($50,000) — the same figure the statute sets for third-party loan servicers and debt collectors.
The bond runs to the state for the use of the state and of any person who may have cause of action against the obligor. You are the principal, the carrier is the surety, and Rhode Island is the obligee; borrowers harmed by a violation of the licensing chapter can recover against it.
It is not insurance for you — if the surety pays a claim, you repay the surety. The bond must stay continuously on file for the life of the license, and the surety has to give the director advance notice before cancelling. We track the term and send renewal notices 60 and 30 days out.
You need this bond if you're
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the $50,000 bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The bond runs to September 17 whatever day you buy; the premium covers the period to that date.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File through NMLS. Your executed bond arrives by email, ready to attach to your lender license record for the Division of Banking. Wet-ink original mailed on request.
What sets the price
The premium is 0.6% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check.
One application, issued instantly.
These are the actual issuing fields — business details, the owner, an effective date, and a term. That is the entire application.
Start the application →Common questions.
Other Rhode Island bonds.
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Price and requirements checked on the carrier’s application, . Page updated .
Finish your lender license today.
0.6% of the bond amount, $100 minimum — $300 at the statutory $50,000, issued the moment you pay. Free until issued.