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Section 19-14-6(b)(10) sets $50,000 for each debt collector. Its different amounts and cross-references for other financial license types do not replace that requirement. The current Department programme calls this Debt Collector Registration and directs applications through NMLS.

Read the full condition in section 19-14-6(c): faithful conformity with Title 19 and lawful rules, plus payment of money becoming due or owing to the state or a person under that title. The protected class includes the state and people with a Title 19 cause of action against the obligor, not only creditors awaiting remittances.

The Division's debt-collector-specific September 27, 2022 notice requires new company applications after September 30, 2022 to meet the bond requirement electronically. It instructs registrants to grant NMLS authority to their surety company or producer, then contact that company or producer to prepare the ESB. Existing bonds were subject to the separate conversion plan; a generic application or checkout receipt is not the electronic filing.

The director must receive satisfactory cancellation notice at least 30 days in advance. Cancellation does not erase liabilities incurred or accrued before that period ends. Reinstatement or a satisfactory replacement must be filed before cancellation to avoid suspension. The statute's separate 30-day hearing-request period follows suspension; it is not extra operating authority after the bond ends.

Purchase Now opens Propeller's Rhode Island Debt Collector - NMLS application in a new tab. Bring the company's exact registered name, NMLS ID, Rhode Island registration request, required sum and effective date. Coordinate NMLS authority and the prepared ESB with the producer, confirm the issued condition and complete the Department's registration requirements. The current programme separately lists annual reporting due March 31; reporting and registration approval are not supplied by checkout.