RI third-party loan servicer bonds.
$300 on the $50,000 amount.
Rhode Island licenses third-party loan servicers through the Department of Business Regulation, Division of Banking, and R.I. Gen. Laws § 19-14-6 conditions the license on a $50,000 surety bond running to the state for the use of the state and of anyone with a cause of action against the licensee. 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 through NMLS
Your executed bond arrives by email, ready to attach to your servicer 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 third-party loan servicer — a company that collects or receives payments on loans it did not make — is licensed in Rhode Island under chapter 19-14 of the General Laws, with licensing administered by the Division of Banking 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 bond runs to the state for the use of the state and of any person who may have cause of action against the obligor — the borrowers whose payments you handle, and the state itself. 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 must stay continuously on file for the life of the license, and the surety must notify the director before cancelling. 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 license today.
0.6% of the bond amount, $100 minimum — $300 at the statutory $50,000, issued the moment you pay. Free until issued.