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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Check Casher License “Check casher" means a person or entity that, for compensation, engages, in whole or in part, in the business of cashing checks and/or offers deferred deposit transactions commonly know as “payday loans”. Currently, all licensed check cashers must have a physical presence in Rhode Island in order to conduct business with Rhode Island Consumers. "Check" means any check, draft, money order, personal money order, or other instrument for the transmission or payment of money. For the purposes of check cashing, travelers checks or foreign denomination instruments shall not be considered checks. "Check cashing" means providing currency for checks. Exemptions are located in RI Gen. Laws Title 19 Chapter 14.4. (More Details)
Debt Collector Registration "Debt Collector" means any person who uses an instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another. Notwithstanding the exclusion provided by clause (f) below, debt collector shall include a creditor who, in the process of collecting his/her own debt, uses any name other than his/her own which would indicate that a third person is collecting or attempting to collect the debt. Debt collector shall also include a person who uses an instrumentality of interstate commerce or the mails in a business the principal purpose of which is the enforcement of security interests. (More Details)
Debt Management Services Registration "Debt-management services" means services as an intermediary between an individual and one or more creditors of the individual for the purpose of obtaining concessions. "Plan" means a program or strategy in which a provider furnishes debt-management services to an individual and which includes a schedule of payments to be made by or on behalf of the individual and used to pay debts owed by the individual. Exemptions are located in RI Gen. Laws Title 19 Chapter 14.8. (More Details)
Electronic Money Transfer License "Electronic money transfer" means receiving money for transmission within the United States or to locations abroad by any means including, but not limited to, wire, facsimile or other electronic transfer system. (More Details)
Exempt Company Registration This registration is available for any company that employs state-licensed mortgage loan originators but is not required to be licensed under the laws of Rhode Island. This registration is optional and is intended for companies that wish to manage their mortgage loan originator in NMLS. Please consult the state regulator before applying for this registration. (More Details)
Lender License This License is required of any company or sole proprietorship that makes or funds a loan with own funds. (More Details)
Loan Broker License This License is required of any company or sole proprietorship who solicits, processes, negotiates, places, or sells a loan for others in the primary market. (More Details)
Sales of Checks License The Sale of Checks means to sell, to issue, or to deliver a check including but not limited to “Personal money order" means any instrument for the transmission or payment of money in relation to which the purchaser or remitter appoints or purports to appoint the seller as his or her agent for the receipt, transmission, or handling of money, whether the instrument is signed by the seller or by the purchaser or remitter or some other person; "Check" means any check, draft, money order, personal money order, or other instrument for the transmission or payment of money. For the purposes of check cashing, travelers checks or foreign denomination instruments shall not be considered checks. "Check cashing" means providing currency for checks; (More Details)
Small Loan Lender “Small loan lender" means a lender engaged in the business of making small loans within this state. Small loan" means a loan of less than five thousand dollars ($5,000), not secured by real estate, made pursuant to the provisions of chapter 14.2 of Title 19. There are restrictions to the term and interest rates that may be used/charged to these loans. Additionally, these loans may not be secured by mortgages. (More Details)
Third Party Loan Servicer License This license is required of any company or sole proprietorship that directly or indirectly, engages in the business of servicing a loan secured by residential real estate located in Rhode Island for a personal, family or household purpose, owed or due or asserted to be owed or due another. Servicing means receiving a scheduled periodic payment from a borrower pursuant to the terms of a loan, including amounts for escrow account, and making the payments to the owner of the loan or other third party of principle and interest and other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the servicing loan documents or servicing contract.
Branch Licenses Description Requirements Checklist
Check Casher Branch License The definition of a Check Casher Branch License is the same as a Check Casher License but is just an additional office, other than the main office, offering check cashing and/or payday loan services to RI Consumers. This branch office must have a physical presence in Rhode Island. (More Details)
Debt Collector Branch Certificate “Debt Collector Branch Certificate” is an office, other than the main office that is already registered with the Division, that conducts the activities of a Debt Collector as defined by RI. General Laws Title 19-14.9 et seq. (More Details)
Lender Branch Certificate This license is required for all offices, other than the main office identified on the Mortgage Lender License, whether or not located in Rhode Island, which conducts business with Rhode Island residents or Rhode Island properties. (More Details)
Loan Broker Branch Certificate This license is required for all offices, other than the main office identified on the Mortgage Loan Broker License, whether located in Rhode Island or not, which conducts business with Rhode Island residents. (More Details)
Small Loan Lender Branch License The definition of a Small Loan Lender Branch License is the same as a Small Loan Lender License but is just an additional office, other than the main office, offering the services covered by the license to RI consumers. (More Details)
Third Party Loan Servicer Branch License This license is required for all offices, other than the main office identified on the Third Party Loan Servicer License, whether or not located in Rhode Island, which conducts business with Rhode Island residents on Rhode Island properties.
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This license is required of any natural person employee of a Rhode Island licensed lender or loan broker or a provisional employee, who for a fee, commission or other valuable consideration (i) advises an applicant about different loan products and their terms and conditions in order to permit the applicant to select and apply for a particular loan product, or (ii) advises persons in completing loan applications by informing the applicant regarding the benefits, terms and/or conditions of a loan product or service, or (iii) negotiates or offers to negotiate the making of a loan with an applicant. (More Details)
 

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