How much does a money transmitter bond cost in Rhode Island?
The Rhode Island Department of Business Regulation requires money transmission professionals to post $50,000 surety bonds to legally work within the state.
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*|
|$50,000 Money Transmitter Bond||$50,000||Starts at $750||Apply Now|
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
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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.
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