R.I. Gen. Laws § 19-14-6
Bond of applicant
Redline — November 1, 2021 → current.View current text →
Current — November 1, 2022
As of November 1, 2021
(1) An applicant for any license shall file with the director, or the director’s designee, a bond to be approved by him or her in which the applicant shall be the obligor.
(1) An applicant for any license shall file with the director, or the director’s designee, a bond to be approved by him or her in which the applicant shall be the obligor.
(2) The amount of the bond shall be as follows: Small-loan lenders, the sum of ten thousand dollars ($10,000);
(2) The amount of the bond shall be as follows: Small-loan lenders, the sum of ten thousand dollars ($10,000);
(3) Loan brokers, the sum of twenty thousand dollars ($20,000);
(3) Loan brokers, the sum of twenty thousand dollars ($20,000);
(4) Lenders, the sum of fifty thousand dollars ($50,000);
(4) Lenders, the sum of fifty thousand dollars ($50,000);
(5) Currency transmission licensees, the sum of fifty thousand dollars ($50,000);
(5) Currency transmission licensees, the sum of fifty thousand dollars ($50,000). If a currency transmission licensee shows that a surety bond is not generally available in this state at a commercially reasonable cost, the department may accept an alternative form of security;
(6) Check-cashing licensees who accept checks for collection with deferred payment, the sum of fifty thousand dollars ($50,000) subject to a maximum of one hundred and fifty thousand dollars ($150,000) when aggregated with agent locations;
(6) Check-cashing licensees who accept checks for collection with deferred payment or deferred deposit, the sum of fifty thousand dollars ($50,000) subject to a maximum of one hundred and fifty thousand dollars ($150,000) when aggregated with agent locations;
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.