If you wish to open a check cashing business in State of Rhode Island there are multiple license requirements and you must provide a Rhode Island check cashing bond the the financial regulator. The license can be processed through the same system that mortgage brokers use, the “NMLS“. The Rhode Island Division of Banking is the regulatory authority over check cashers. In addition to bonding the state laws require specific security measures, minimum capital, and special financial procedures for licensees. The Rhode Island check casher bond must be written in the amount of $50,000. It guarantees compliance with Chapters 14 and 14.4 of Title 19 of the General Laws of Rhode Island 1956, and pay to the State and to any person any and all monies that may become due or owing to them upon any check, draft,money order, personal money order, or other instrument for the transmission or payment of money issued by or received in connection with the cashing of checks. Surety One, Inc., is the leader in surety in the financial services area. We offer check casher surety bonds in every state that requires them. Visit SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for an Rhode Island check cashing bond application or for information about any surety bond need throughout the U.S.
