Rhode Island Passes Bond Licensing Legislation

Bond licensing legislation, now eligible to send to the state’s governor, would require a bond before an agency can be licensed in Rhode Island.

06/24/2022 3:15 P.M.

1 minute read

Rhode Island has passed legislation that requires debt collectors to file a $50,000 bond to be licensed in the state.

The legislation passed in the state’s Senate 32-3 and the state’s House 70-0 June 23, and it is now eligible to be sent to the governor for final approval.

If the bill is enacted, all financial institution licensing by the Rhode Island Department of Business Regulation would be processed through the Nationwide Multistate Licensing System.

If Rhode Island’s legislature is in session when they send the bill to the governor, the governor will have six days to veto or sign the bill. If they wait until the legislature adjourns, which is anticipated to be June 30, to transmit the bill to the governor, that time frame is extended to 10 days.

To learn more on 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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