The legislation requires a bond before an agency can be licensed in Rhode Island.
08/04/2022 1:45 P.M.
1 minute read
Rhode Island now requires debt collectors to file a $50,000 bond to be licensed in the state after Gov. Daniel McKee signed legislation on licensing this summer.
Now that the legislation is in effect, all financial institution licensing by the Rhode Island Department of Business Regulation will be processed through the Nationwide Multistate Licensing System (NMLS). ACA International’s bond unit contacted the state for information on when the bond will be available on NMLS and it did not have a timeframe. ACA will provide more information when available.
The legislation passed in the state’s Senate 32-3 and the state’s House 70-0 June 23.
To learn more about how the ACA International Bond Unit can assist you with your bond needs, please contact them at [email protected] or call (952) 926-6547.
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