How much will my loan broker or lender bond cost in Rhode Island?
SuretyBonds.com offers Rhode Island loan broker or lender bonds for different costs depending on each applicant’s individual credit report. Even though this bond is subject to underwriting, our experts will work hard to get you the best price possible for your unique credit situation. Brokers are required to post a bond in the amount of $20,000 and lenders must be in the amount of $10,000. There is also an additional fee of $5,000 for each location the principal plans to conduct business at.
Don’t struggle to calculate the cost you’ll pay for your bond. Simply contact one of our surety specialists to receive a personalized, complimentary bond quote within 1 business day of applying.
If you’re ready to get bonded quickly, safely and accurately, call SuretyBonds.com at 1 (800) 308-4358 or click here to fill out an online bond request form now.
Why do I need this bond?
Rhode Island broker or lender bonds assure that if consumers are wronged in the process of a mortgage transaction, they have a safeguard from unprofessional acts of business and can be compensated for financial losses. Unethical acts covered by this bond include, but are not limited to:
- defrauding or misleading borrowers and lenders
- obtaining property by fraud or misrepresentation
- failing to make disclosures required by state law, such as annual interest rate percentages
- advertising a product at a low price when it is not available for sale in order to entice customers to buy a more expensive product, otherwise known as “bait and switch” advertising
- collecting or charging any prohibited or unjustified fees
If the principal violates the terms of his or her bond agreement and a consumer is harmed as a result, the surety will pay for all damages up to the full bond amount; however, the principal is responsible for reimbursing the surety for any money it pays out to consumers. Our team of experts is dedicated to getting you bonded for the lowest rate available and as quickly as possible. Apply for a free bond quote now!
What’s the fine print?
This bond runs continuously in full force and effect unless otherwise canceled by the surety or the principal. If either party wishes to terminate the bond before its set date of expiration, a 30-day notice prior to cancellation is required to be submitted and filed with the Department of Business Regulation.
How to become a loan broker in Rhode Island
It is against the law to conduct business as a loan broker or lender without first obtaining the proper licenses. Lender and broker applications are two separate processes and require two different applications. Both applications must go through the Nationwide Mortgage Licensing System (NMLS). In order to obtain a small loan lender license, the applicant must do the following:
- pay the required application fee of $275.00
- be able to provide proof of financial responsibility. This statement must be signed by an authorized officer
- post a surety bond in the required amount
- provide the information for designations/registered agents that will accept the principal’s services
- provide the appropriate Secretary of State documentation
Our experts understand these licensing requirements and are prepared to answer any questions you might have. Call 1 (800) 308-4358 to speak with a surety specialist, or submit a bond request to receive a free bond quote within 1 business day of applying.
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Additional Resources
Loan Broker Bond Form - Sample
Small Loan Lender Bond - Sample
Uniform Application for Small Loan Lender License
Licensees/Mortgage Companies Forms
Lender and/or Loan Broker NMLS Information
Chapter 19-14.1 Lenders and Loan Brokers
Small Loan Lender and Loan Broker Licensees - Final Annual Report
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