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Rhode Island Loan Broker or Lender Bond

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.

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Loan Broker Bond $20,000 Starts at $200 $800-$1,600 $2,000+ Apply Now
Small Loan Lender Bond $10,000 Starts at $100 $400-$800 $1,000+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

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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