RI small loan lender bonds.
$100 on the $10,000 amount.
Rhode Island licenses small-loan lenders through the Department of Business Regulation, Division of Banking, and R.I. Gen. Laws § 19-14-6 conditions the license on a $10,000 surety bond running to the state for the use of the state and of anyone with a cause of action against you. The rate is 1% of the bond amount, $100 minimum — $100 at the statutory $10,000 — and the bond issues the moment you pay. Any credit screen is a soft credit pull only — never a hard inquiry.
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Three steps. One sitting.
The amount is statutory and the rate is fixed, so there is no quote round-trip. Here is the whole process:
Apply online
Business details, the owner, an effective date, and a term. That is the entire application — any credit screen is a soft pull that never shows as a hard inquiry.
Pay & e-sign
Your premium is already exact at the statutory $10,000, so the bond issues the moment you pay — the executed bond and power of attorney generate on the spot.
File through NMLS
Your executed bond arrives by email, ready to attach to your small-loan 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
A small-loan lender in Rhode Island is licensed by the Department of Business Regulation through its Division of Banking, with licensing run on NMLS. Before the license issues, § 19-14-6 requires the applicant to file a bond, approved by the director, in the sum of ten thousand dollars ($10,000).
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 — so borrowers harmed by a violation of the licensing chapter can recover against it, and so can the state. You are the principal, the carrier is the surety, and Rhode Island is the obligee.
It is not insurance for you — if the surety pays a claim, you repay the surety. The bond has to stay continuously on file for the life of the license, so we track the term and send renewal notices 60 and 30 days out.
You need this bond if you're
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.
Finish your small-loan lender license today.
1% of the bond amount, $100 minimum — $100 at the statutory $10,000, issued the moment you pay. Free until issued.