The following information is required to obtain a Rhode Island Mortgage Broker or Loan Broker License:

• Submit a completed and signed application along with the application fees and other related documents to the Department. At the time of making application, the applicant is required to pay the sum of one half (1/2) of the annual license fee as a fee for investigating the application. If the application for license is approved, the applicant must pay a fee equal to the annual license fee as provided in this 19-14 of General Rhode Island Laws. The decision of denying or granting a license is generally made within 60 days of receiving the complete application.
  
• If the applicant wishes to obtain license for branch offices, then the applicant must complete and file an application for a branch certificate for each location from which it intends to be engaged in the business for which the license is being requested.
  
• Loan Brokers are required to maintain a net worth of $10,000 and show evidence of the same.
  
• The applicants are required to file with the department a surety bond worth $10,000. Each branch or agent location of a licensee must file the bond for the sum of 5,000.
  
• The applicants are required to have at least 5 years of experience in the related field. Factors that are considered when assessing the quality of an individual's experience include the number, complexity and types of transactions handled in relation to the type of license sought by the application. Attach a resume and complete employment history.
  
• A criminal background check will be done on the designated manager of the applicant. The applicant must submit a complete and signed authorization for background check.
  
• A description of past activities conducted by the applicant and a history of operations must be submitted to the department.
  
• A recent and signed financial statement of the applicant prepared in accordance with the Generally Accepted Accounting Principles should also be included along with the application.
  
• Specific certificates depending on the type of the entity are required by the Department. For more information and application form, visit Rhode Island Department of Business Regulations - Banking Licensing.

For additional information, you may visit Rhode Island Department of Business Regulations.