Rhode Island Small Loan Lender Bond
AmeriPro Surety Bonds | 844-589-9732
Rhode Island Small Loan Lender License
Small loan lender businesses in Rhode Island are regulated by the state’s Department of Business Regulation, Division of Banking.
While the Department requires your licensing, both your license and surety bond are filed through NMLS, the Nationwide Mortgage Licensing System. Our agency will electronically file your surety bond on your behalf after its purchase.
The bond is available in three amounts, the breakdown of which is as follows:
- A standard $10,000 surety bond amount;
- Which increases by $10,000 to a $20,000 surety bond requirement if you have between 4 and 7 stores in Rhode Island;
- Which increases by $25,000 to a $35,000 surety bond requirement if you have more than 8 stores in Rhode Island.
Qualifying and the Premium
You are automatically approved for the $10,000, $20,000 and $35,000 Rhode Island small loan lender bond. This is because we offer these surety bonds without a credit check.
To obtain your surety bond, when you call us, we’ll ask you the following:
- We’ll take an application from you over the phone, but which will need your signature and that of a witness along with a recent financial statement for our records. The information provided in the financial statement will not determine whether or not you qualify. Still, we need it as a condition of issuing your bond as per the request of the Surety;
- After payment of the premium, the bond will be issued to you and filed electronically for you to NMLS.
The breakdown for premium amounts, at 1%, are as follows:
- $10,000 surety bond amount — $100 annual premium;
- $20,000 surety bond amount — $150 annual premium;
- $35,000 surety bond amount —-$263 annual premium.
Premium Prepayment Options
The premium amounts associated with your surety bond are for one year and will renew on the anniversary of your bond’s issuance.
Our agency also offers you the option to prepay your premium up to 3 years. Doing so, besides lengthening the time between renewals, saves you over annual renewals.
The premium prepayment options and savings are as follows:
—$10,000 surety bond—
- If prepaid for 2 years, the premium is $180, a $20 savings;
- If prepaid for 3 years, the premium is $260, a $40 savings.
— $20,000 surety bond—
- If prepaid for 2 years, the premium is $270, a $30 savings;
- If prepaid for 3 years, the premium is $390, a $60 savings.
–$35,000 surety bond—
- If prepaid for 2 years, the premium is $473, a $53 savings;
- If prepaid for 3 years, the premium is $684, a $105 savings.
Purpose Of Your Surety Bond Requirement
Your small loan lender bond is a financial guarantee of your professional and ethical compliance with Title 19, Chapter 14, as amended.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Rhode Island.
Our agency is also a provider of small loan surety bonds, probate bonds, and court surety bonds nationwide.
Please call us today at:
Or, you may fill out the form below and an agent will contact you…