Who requires it
Rhode Island Department of Business Regulation — Banking
License & permit · Rhode Island
Rhode Island DBR Licensed Activities Bond
Department of Business Regulation non-depository licenses under Chapter 19-14 share one statutory surety framework: a bond to the state that stays in force until released, sized by license class—from ten thousand dollars for small-loan lenders up to fifty thousand dollars for lenders, currency transmitters, debt collectors, and third-party loan servicers.
Common bond amount
$10,000–$150,000 by license type
§ 19-14-6 schedule: small-loan $10,000; loan broker $20,000; lender, currency transmission, third-party servicer, and debt collector $50,000 each; deferred-deposit check cashing $50,000 up to $150,000 with agents.
How you file
File through NMLS or DBR; stays in force while licensed
Renewal
Maintain while licensed; 30-day cancellation notice to the director
Who requires it
Applicants and licensees for the Chapter 19-14 activities listed in RIGL § 19-14-6(b), including small-loan lenders, loan brokers, lenders, currency transmission licensees, deferred-deposit check cashers, third-party loan servicers, and debt collectors. Debt-management providers use the separate Uniform Debt-Management Services Act bond under § 19-14.8-13. Mortgage loan originators are generally covered by their employer’s company bond rather than a separate individual amount under Banking Regulation 6.
How much is required
Section 19-14-6(b) fixes the amount by license type: small-loan lenders $10,000; loan brokers $20,000; lenders $50,000; currency transmission licensees $50,000 (with a possible alternative security if a surety is not generally available at a commercially reasonable cost); deferred-deposit check-cashing licensees $50,000 subject to a $150,000 maximum when aggregated with agent locations; third-party loan servicers $50,000; debt collectors $50,000. The bond runs to the state for the state and for persons with causes of action under Title 19 and stays in force until released or canceled.
How to get and file it
Match the § 19-14-6 amount to your exact DBR license type, have an authorized surety execute a bond acceptable to the director in the licensee’s legal name, and file it through the NMLS or DBR path listed for that license before the department issues or continues the license. Keep the bond in force while licensed. The surety may cancel with at least thirty days’ advance notice to the director in a manner the director accepts; cancellation does not erase liability that accrued before that thirty-day period ends. If the bond is not restored or replaced before cancellation, the license may be suspended and then revoked under § 19-14-6(f).
Cost note
Schedule figures are the required bond amount, not the premium you pay. See bond amount vs premium. Bond amount vs premium →
Requirement checklist
- Lending amounts
- Small-loan $10,000; loan broker $20,000; lender $50,000
- Currency transmission / collection amounts
- Currency transmission $50,000; debt collector $50,000; third-party loan servicer $50,000
- Check cashing (deferred deposit)
- $50,000, maximum $150,000 aggregated with agent locations
Official sources
Related resources
Frequently asked questions
Is debt management on this same schedule?
Section 19-14-6 points debt-management registrants to § 19-14.8-13, which uses a different amount rule ($50,000 or another amount the director sets). Confirm that separate requirement directly with DBR.
Do mortgage loan originators need their own bond?
Banking Regulation 6 states an MLO’s bonding responsibility is satisfied when the employing licensee maintains the company bond required by § 19-14-6.
Related Rhode Island bond guides
DMV Motor Vehicle Dealer Bond
$50,000
Rhode Island motor vehicle dealers licensed through the DMV Dealers’ License and Regulations Office must file a fifty-thousand-dollar surety in the dealership’s D/BA name—alongside the office’s separate fifty-thousand-dollar line-of-credit requirement—before a first license issues.
Underground Utility Contractor Bond
$20,000
Underground utility contractors who install, repair, alter, or replace covered sewer, storm-drainage, or water lines in Rhode Island must give the Contractors’ Registration and Licensing Board a twenty-thousand-dollar surety before the two-year license issues.
Surety basics (not repeated here)
Universal surety concepts explained once—linked here instead of repeated on every state or bond page.
Continue with a Rhode Island application
Rhode Island will be preselected. Choose your bond type in the application—we confirm the correct product against your agency form before anything is issued.
Last verified 2026-08-11. This guide is based on verified educational content and official sources.
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