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Rhode Island Money Transmitter Bond

How much does a money transmitter bond cost in Rhode Island?

The Rhode Island Department of Business Regulation requires money transmission professionals to post surety bonds to legally work within the state. Before beginning the bonding process, applicants should verify their required bond amount with the state in which they choose to do business. This bond must have $50,000 minimum coverage.

This specific bond type is subject to underwriting, meaning the amount you’ll pay depends on a review of your personal credit report as well as your required bond amount. Don’t worry about bad credit affecting your chance of posting a bond. The experts at SuretyBonds.com make the bonding process fast and easy for all applicants. Request your free bond quote now!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Money Transmitter Bond Varies Starts at 1.5% 3-9% 10%+ 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 become bonded quickly, easily and accurately, call SuretyBonds.com at 1 (800) 308-4358 or submit a bond request. We can typically provide your free, no-obligation bond quote within 1 business day of submitting an application.

Why do I need this bond?

Rhode Island money transmitter surety bonds guarantee that principals (money transmission professionals) conduct business in compliance with Chapter 19-14 of the Rhode Island General Laws and all other laws applicable to the business of money transmission. If fraudulent activity occurs as a result of malpractice conducted by the principal, consumers will not face any financial harm. Acts of malpractice include:

  • committing fraud, engaging in dishonest activity or making misrepresentation
  • violation of any provision of Title 19 which includes Chapter 19-14
  • failure to comply with any demand, ruling, order or requirement of the director of the Department of Business Regulation made within the authority of Title 19

Ready to get bonded? Start here!

What’s the fine print?

Rhode Island money transmission surety bonds expire on December 31 and can be renewed with a $360 fee. The applicant must have a minimum net worth of $50,000 to apply for this bond.

How to become a money transmitter in Rhode Island

To become a licensed money transmitter in Rhode Island, applicants must provide the following information on the license application:

  • Name and address of the applicant’s business
  • Names and addresses of each member, director and principal officer if the business is a partnership, association, corporation or other form of business organization
  • Description of the activities of the applicant

In addition, applicants must submit a $180 application/investigation fee.

Upon the filing of the application, a mandatory investigation will be conducted to determine if all required criteria are met by the applicant.

Take the first step toward becoming licensed in Rhode Island by purchasing the surety bond you need quickly, easily and accurately!

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Get a FREE Money Transmitter Bond Quote Today!

Additional Resources

Rhode Island Department of Business Regulation: Application for Money Transmitter License

NMLS Resource Center: Rhode Island Licensing Requirements

Rhode Island Money Transmitter Licensing Information

Rhode Island General Laws: Chapter 19-14

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