Rhode Island Check Cashing Bond
AmeriPro Surety Bonds | 844-589-9732
Rhode Island Check Cashing License
Check cashing businesses in Rhode Island are under the authority of the state’s Division of Banking, but the licensing process (and surety bond) are facilitated through NMLS, the Nationwide Mortgage Licensing System.
Rhode Island businesses which accept checks for collection and deferred payments require a surety bond; otherwise, you do not.
Upon the purchase of your check cashing surety bond through our agency, we can electronically file it to NMLS on your behalf.
The surety bond amount required is as follows:
- A $50,000 surety bond is the minimum;
- If you have 4 to 7 Rhode Island branch locations, then you’ll require an additional $10,000 surety bond;
- If you have 8 or more Rhode Island branch locations, then you’ll require an additional $25,000 surety bond.
Therefore the 3 surety bond amounts are:
- and $75,000.
Qualifying and the Premium
Qualifying for the Rhode Island check cashing bond is by an application, which we can begin with you over the phone, and an underwriter review. The $50,000 surety bond amount is approved immediately, without a credit check. In other words, after completing the application and paying the premium, we issue the R.I. check cashing bond to you immediately for $750 annually.
Before the application is submitted for review, you’ll need to complete, sign and have witnessed your surety bond application. The application process is fortunately not long.
As part of the underwriter review, a business or professional credit inquiry is included. To be approved, good credit will be required.
The breakdown by surety bond amount and premium will be as follows for a one year term:
- $50,000 – $750 premium annually, with no credit check;
- $60,000 – $900 premium annually, includes an underwriter review;
- $75,000 – $1125 premium annually, includes an underwriter review.
Upon approval and payment of the premium, our agency will electronically file your bond on your behalf to NMLS.
Premium Prepayment Options
Our agency offers you the option to prepay your check cashing bond up to 3 years, which will save you over annual renewals, besides lengthening the time between renewals.
Broken down by surety bond amounts, it looks as follows:
—$50,000 surety amount—
- If prepaid for 2 years, the premium is $1350, a $150 savings;
- If prepaid for 3 years, the premium is $1950, a $300 savings.
—$60,000 surety amount—
- If prepaid for 2 years, the premium is $1620, a $180 savings;
- If prepaid for 3 years, the premium is $2340, a $360 savings.
—$75,000 surety amount—
- If prepaid for 2 years, the premium is $2025, a $225 savings;
- If prepaid for 3 years, the premium is $2925, a $450 savings.
Purpose of Your Surety Bond Requirement
The purpose of this Rhode Island money transmitter bond (check cashing) is to serve as a financial guarantee that you will observer all laws and state regulations in your professional conduct.
AmeriPro Surety Bonds is a surety bonds-only agency which provides money transmitter and check cashing surety bonds nationwide.
Our agency is also a provider of license and permit surety bonds in all 50 states.
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