Surety bonds in Rhode Island must be entered into NMLS by Feb. 23, 2023. The Collectors Insurance Agency bond unit has resources to help members through this process.
09/28/2022 1:45 P.M.
1.5 minute read
Debt collector licensees in Rhode Island will have access to Electronic Surety Bonds (ESBs) through the Nationwide Multistate Licensing System (NMLS) effective Sept. 30, 2022, according to a memo from the Rhode Island Division of Banking.
While the banking division’s memo references converting bonds, this is a new bond requirement for debt collector licensing. The deadline is Feb. 28, 2023.
The bonding requirement is a result of legislation that took effect in August, ACA International previously reported.
Management of ESBs through NMLS will allow for the tracking of surety bond requirements and the maintenance of surety bond information validated by authorized surety companies and/or surety bond producers.
After Sept. 30, 2022, new company license applicants will be required to meet all surety bond requirements by completing the electronic process.
ACA members using Collectors Insurance Agency’s (CIA) bond program may apply with the bond unit for the new bond in Rhode Island or find more information on the CIA bond program here.
The Rhode Island Division of Banking asks licensees and applicants to thoroughly review the bond plan on the State Licensing Requirement website and take the necessary steps to apply by the Feb. 28, 2023, deadline.
Licensees must first grant authority to their surety bond company/producer in NMLS, and then contact the company/producer to prepare the ESB1. See the ESB for Licensees page for resources and more information. As noted in the bond plan, there is an ESB Quick Guide on the NMLS Resource Center for your reference.
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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