Rhode Island Surety Bonds

Surety Bond Requirements in RI

The State of Rhode Island requires professionals, companies, and agencies to post surety bonds to protect those with whom they do business. We carry popular Rhode Island bonds such as motor vehicle dealer bonds, small loan broker bonds and small loan lender bonds.

In addition to state bonds, more than 60 bonds are required by city and county governments within the state. Cities such as Cranston, Cumberland, Newport, Providence and Warwick, for example, have licensing and bonding requirements for a variety of trades, vocations and professions.

To make sure you are in compliance with Rhode Island bonding regulations, get in touch with our representatives. NNA Surety Bonds has been providing reliable coverage to companies and individuals across the United States since 1957.

Get Your Rhode Island Surety Bond


We offer the following surety bonds in the State of Rhode Island:

Check Cashing Bond

Rhode Island requires check cashing businesses to obtain a check casher surety bond in the amount of $50,000. For businesses with four to seven branches, the bond amount increases by $10,000. For those with eight or more branches, the bond increases by $25,000 for a total of $75,000.

This surety bond assures The Rhode Island Division of Banking that you will comply with all laws and regulations governing your check cashing business. Surety bonds protect the public from any negligence, errors, or illegal practices. If you wish to protect yourself and your business, you will need to purchase insurance.

The annual premium for this bond varies depending on the bond amount you’re required to have, your financial history, and credit score.

Loan Broker Surety Bond

To do business as a loan broker, you’ll need to be properly licensed and bonded with The Rhode Island Department of Business Regulation. Currently, the Department requires a $20,000 surety bond. If you operate four to seven branches, the amount increases to $30,000. For those with eight or more branches, the total bond amount is $45,000.

A loan broker bond provides consumer protections in the event your brokerage fails to operate ethically and in accordance with state law. Any amount awarded from the bond must be repaid to the surety company.

Premiums vary, but your cost for a $20,000 bond can be as low as $150 with excellent credit.

Motor Vehicle Dealer Bond

If you sell more than four vehicles a year, you are considered a motor vehicle dealer in Rhode Island and must be licensed by the state. The state’s Dealer’s License and Regulation Office requires you to post a $50,000 surety bond whether you plan to be a new car dealer or used car dealer. Your premium for this bond could be as low as 1%, or $500, depending on your personal credit score.

The bond exists for the protection of customers, the state, and other dealers with whom you may do business. Should you fail to follow the provisions of Rhode Island Chapter 1499 Public Laws of 1956, or otherwise conduct your business unethically or unlawfully, a claimant could be awarded damages from the bond, which you would then be required to repay.

Small Loan Lender Surety Bond

Businesses or individuals offering loans for $5,000 or less are considered small loan lenders in Rhode Island. These professionals are licensed through the Rhode Island Department of Business Regulation and must file a $10,000 surety bond. Note that lenders with four to eight branches need a $20,000 bond and lenders with eight or more branches must file a $35,000 bond.

If you fail to conduct business in an ethical and lawful manner, an injured party could collect damages from the bond, which you must repay. Filing the bond represents your business’s commitment to integrity.

Highly qualified applicants may have premiums as low as $100/year for a $10,000 bond.

Rhode Island Surety Bond Costs
Bond Name Coverage Amount Cost (Annual Premium) Regulatory Authority
Check Cashing Bond $50,000* Varies Rhode Island Division of Banking
Loan Broker $20,000 $150 Rhode Island Department of Business Regulation
Motor Vehicle Dealer Bond $50,000 $500 Rhode Island Dealers License and Regulations Office
Small Loan Lender $10,000 $100 Rhode Island Department of Business Regulation

*Cost can vary depending on the bond amount required and your credit rating.

Our knowledge of Rhode Island bond requirements enables us to provide quick and accurate quotes. For more guidance on selecting bonds for your business, contact NNA Surety Bonds today.

For faster service, call us at 855-215-2160
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