RI student loan servicer bonds.
$300 on the $50,000 amount.
Rhode Island’s Student Loan Bill of Rights Act requires a student loan servicer to register with the Department of Business Regulation and file a $50,000 surety bond under R.I. Gen. Laws § 19-33-4, running to the state for the use of the state and of any person with a cause of action against the servicer. The rate is 0.6% of the bond amount, $100 minimum — $300 at the statutory $50,000 — 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.
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. 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 $50,000, so the bond issues the moment you pay — executed bond and power of attorney on the spot.
File with the Department
Your executed bond arrives by email, ready to file with your student loan servicer registration at the Department of Business Regulation. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
Rhode Island enacted the Student Loan Bill of Rights Act (chapter 19-33) to license and supervise the companies that service student loans held by Rhode Island borrowers. Section 19-33-4 conditions registration on a $50,000 surety bond filed with the Department, conditioned on the servicer’s compliance with the chapter and the regulations under it.
The bond runs to the state for the use of the state and of the person who may have a cause of action against the obligor — the borrowers whose accounts you service. You are the principal, the carrier is the surety, and Rhode Island is the obligee.
The statute calls for a perpetual bond: it stays in force until the surety properly cancels with notice to the Department. It is not insurance for you — if the surety pays a claim, you repay the surety. 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 servicer registration today.
0.6% of the bond amount, $100 minimum — $300 at the statutory $50,000, issued the moment you pay. Free until issued.