Rhode Island Debt Management Services Provider Bond Guide
If you’re applying for a debt management services registration in Rhode Island, you’ll likely need this surety bond.
Bond Overview
- Purpose: To protect consumers from unfair or deceptive debt management practices
- Who Needs It: Debt management and settlement services providers
- Regulating Body: The Rhode Island Department of Business Regulation
- Required Coverage: $50,000
- Premium Rate: 1–10% based on credit score
Learn all about the bond requirements and process in this guide.
What Is a Rhode Island Debt Management Services Provider Bond?
A Rhode Island debt management services provider bond protects consumers from unfair or deceptive debt management practices. It creates a financial safeguard if companies do any of the following:
- Engage in fraud
- Break state regulations
- Violate consumer contracts
The Rhode Island Department of Business Regulation (DBR) requires this bond as part of the registration process for debt management services providers in the state.
How Much Do Debt Management Services Provider Bonds Cost in Rhode Island?
Rhode Island debt management services provider bonds cost a small percentage of the $50,000 bond amount, typically 1–10% based on credit score.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Debt Management Services Provider Bond?
The Rhode Island DBR requires this bond for providers that offer debt management services, such as debt negotiation, credit counseling, or debt settlement.
All licensees must register through the NMLS and file the surety bond as part of the application process.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Rhode Island debt management services provider bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll upload the bond directly to NMLS on your behalf and provide a copy for your records.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Rhode Island Debt Management Services Provider Bond Work?
As with all surety bonds, a debt management services provider bond creates a legal contract between three parties:
- Principal: You, the debt management services provider filing the bond
- Obligee: The Department of Business Regulation requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of Chapter 19.14-14.8 of the General Laws of Rhode Island.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your debt management services provider bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
