Rhode Island Small Loan Lender Bond
Small Loan Lender License Surety Bond
| Branch Count | Bond Amount Required | Product Term | Annual Premium |
| 0-3 Branches | $10,000 | 1 Year | $100 |
| 4-7 Branches | $20,000 | 1 Year | $200 |
| 8+ Branches | $35,000 | 1 Year | $350 |
Rhode Island Small Loan Lenders must file and maintain a surety bond as part of licensing with the Department of Business Regulation. The base bond is $10,000. The required total increases when the licensee operates additional branch locations.
How the Rhode Island Small Loan Lender Bond Works
The bond is filed with the Rhode Island Director of Business Regulation or the Director's designee as part of the licensing process. The applicant is the obligor, and the bond must remain current throughout the period of licensure.
The bond generally involves three parties:
Principal: Rhode Island Small Loan Lender licensee
Obligee: State of Rhode Island / Department of Business Regulation
Surety: Authorized surety company
Learn about the surety bond claim process for general information about claims and principal reimbursement obligations.
How to Get the Rhode Island Small Loan Lender Bond
- Determine the number of Rhode Island branch locations covered by the license.
- Select $10,000 for 0-3 branches, $20,000 for 4-7 branches, or $35,000 for 8 or more branches.
- Complete the online bond application.
- Complete underwriting, pay the applicable premium, and obtain the bond.
- File the bond as required and keep it current throughout the licensing period.
Review the Rhode Island lending regulations and R.I. Gen. Laws § 19-14-6 for current requirements.
Important Branch-Tier Note
The $20,000 and $35,000 options should not be described as separate base bond requirements. They are total bond amounts produced by adding the applicable branch-location requirement to the $10,000 Small Loan Lender base bond.
Get Your Rhode Island Small Loan Lender Bond
Start your Rhode Island Small Loan Lender Bond application online. For assistance, call 855-215-2160.