Rhode Island Money Transmitter Bond
Issued for money services businesses licensed in Rhode Island, backed by A-rated, Treasury-listed sureties.
Overview
Money services businesses seeking a money transmitter license in Rhode Island are required to post a surety bond as part of the state's licensing process. The bond guarantees the licensee's compliance with Rhode Island's money transmission statute and protects consumers who use the licensee's services from loss due to insolvency, fraud, or a failure to remit funds as required by law.
Who Needs This Bond
- Licensed money transmitters and payment processors operating in Rhode Island
- Remittance companies and digital wallet providers seeking Rhode Island licensure
- Multi-state MSBs adding this state to their license footprint
Obligee & Required Bond Amount
Obligee: Rhode Island Department of Business Regulation, Division of Banking Regulation
Required amount: $50,000, with an additional $5,000 for each additional business location.
Worth confirming: Confirm current requirement directly with RI DBR; licensing is required with narrow exemptions for banks, credit unions, and certain virtual currency activity.
How This Bond Is Executed
Filing method: NMLS e-bond
Notarization: N/A
Rhode Island accepts the money transmitter bond as an NMLS Electronic Surety Bond (ESB). Machaen Insurance Agency files it electronically through the Nationwide Multistate Licensing System, so there's no paper original to sign, notarize, or mail.
How to Get Bonded
Apply
Complete a short application with your business and coverage details.
Get Quoted
We shop the market among A-rated carriers for the most competitive terms.
Get Covered
Sign your agreement and receive your bond or policy, often within a few business days.
Stay Compliant
We track renewal dates so your coverage stays active without a lapse.
Frequently Asked Questions
How much is the Rhode Island money transmitter bond?+
$50,000, with an additional $5,000 for each additional business location. This is confirmed against the current statute at the time of your application, since regulators update these figures from time to time.
Who is the obligee on this bond?+
The Rhode Island Department of Business Regulation, Division of Banking Regulation, which is the agency that licenses and regulates money transmitters in Rhode Island.
Is this an NMLS e-bond or a paper bond in this state?+
Rhode Island accepts the money transmitter bond as an NMLS Electronic Surety Bond (ESB). Machaen Insurance Agency files it electronically through the Nationwide Multistate Licensing System, so there's no paper original to sign, notarize, or mail.
Do I need a separate bond for every state I'm licensed in?+
Yes. Money transmitter bonds are state-specific, so a license in Rhode Island requires its own bond naming the Rhode Island Department of Business Regulation, Division of Banking Regulation as obligee, separate from any other state bonds you hold.
How fast can Machaen Insurance Agency issue a Rhode Island money transmitter bond?+
Once your financials and license application details are in hand, we can typically issue an NMLS e-bond within a day or two; a paper bond takes a bit longer to account for signing, notarizing where required, and mailing the original.
Get a Quote for Rhode Island
Speak with our surety team about your Rhode Island money transmitter bond.
201-316-4159
Request a QuoteNeed a Rhode Island Money Transmitter Bond?
Get a fast, competitive quote from Machaen Insurance Agency’s licensed bonding specialists.
Request a Quote