Student loan servicers businesses for student loans in Rhode Island, even if your business is outside of the state, must be licensed through Rhode Island’s Department of Business Regulation.
While the Department oversees your licensing, this process is accomplished through the NMLS, the Nationwide Mortgage Licensing System.
A new or renewal surety bond of $50,000 is also required. Our agency will electronically file this bond on your behalf after its purchase.
All business applicants of whatever type for the $50,000 Rhode Island student loan servicer bond are automatically approved. There is no credit check nor underwriter review for this bond, which streamlines issuance of your bond.
When you call our agency, here’s what will happen:
We’ll ask you the basics: The name of your business, exactly as it should appear on your surety bond. We’ll also request your address, email, phone number, and the name of the Principal (i.e. owner, CEO, etc.).
After payment of the $500 premium, our agency will issue the bond immediately. We’ll also electronically file it on your behalf to NMLS.
The $500 premium associated with your student loan servicer surety bond is active for one year, and thereafter the bond and the premium renew.
The option also exists to prepay your bond up to 3 years, thereby lengthening the time between renewals, and saving you money at the same time.
The premium prepayment options and savings are as follows:
The purpose of this surety bond is to serve as a financial guarantee that your business will be in compliance with all laws and regulations involved in student loan servicing, as amended.
The bond is for the protection of the state of Rhode Island or student loan borrowers who are harmed by the failure of a student loan servicer licensee to observe laws and regulations.
AmeriPro Surety Bonds provides student loan servicer bonds wherever required nationwide.
Our agency is also a provider of license and permit, court, and probate surety bonds in all 50 states.
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