Rhode Island loan broker bonds.
$120 on the $20,000 amount.
A Rhode Island loan broker licenses through the Department of Business Regulation, Division of Banking, and R.I. Gen. Laws § 19-14-6 conditions that license on a $20,000 surety bond. The rate is 0.6% of the bond amount, $100 minimum, so $120 at the statutory $20,000.
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How much does a Rhode Island loan broker bond cost?
$120 for the $20,000 bond: 0.6% of the bond amount.
Three steps. One sitting.
Statutory amount, fixed rate, no quote round-trip. 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 $20,000, 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 loan broker 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 regulates loan brokers — the people who, for a fee, arrange or negotiate loans for borrowers — under chapter 19-14 of the General Laws, administered by the Division of Banking with licensing on NMLS. Section 19-14-6 requires the applicant to file a bond, approved by the director, in the sum of twenty thousand dollars ($20,000).
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 — a borrower harmed by a violation of the licensing chapter recovers against the bond, not out of your pocket first.
It is not insurance for you — if the surety pays a claim, you repay the surety. The bond must stay on file for the life of the license; 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 $20,000 bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose; a longer term is the same price per year, chosen at checkout.
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 loan broker 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.
Rhode Island mortgage license bonds.
We write 3 mortgage license bonds in Rhode Island. Each license has its own bond, amount and price; pick the one your license calls for.
| License bond | Required by | Bond amount | Price |
|---|---|---|---|
| Loan Broker Bond ($20,000) (this page) | R.I. Gen. Laws § 19-14-6 | $20,000 | $120 |
| Small Loan Lender Bond ($10,000) | R.I. Gen. Laws § 19-14-6 | $10,000 | $100 |
| Third-Party Loan Servicer Bond ($50,000) | R.I. Gen. Laws § 19-14-6 | $50,000 | $300 |
Other Rhode Island bonds.
Been told you need a different amount?
Price and requirements checked on the carrier’s application, . Page updated .
Finish your loan broker license today.
0.6% of the bond amount, $100 minimum — $120 at the statutory $20,000, issued the moment you pay. Free until issued.