Rhode Island 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. The rate is 1% of the bond amount, $100 minimum, so $100 at the statutory $10,000.
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How much does a Rhode Island small loan lender bond cost?
$100 for the $10,000 bond: 1% of the bond amount.
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 application. No credit check for individuals, partnerships and corporations; for LLCs, one soft pull at every amount, never 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
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 $10,000 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 small-loan lender license record for the Division of Banking. Wet-ink original mailed on request.
What sets the price
The premium is 1% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check for individuals, partnerships and corporations; for LLCs, one soft pull at every amount, never a hard inquiry.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued instantly.
These are the actual issuing fields — business details, the owner, an effective date, and a term. That is the 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) | R.I. Gen. Laws § 19-14-6 | $20,000 | $120 |
| Small Loan Lender Bond ($10,000) (this page) | 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 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.