Mortgage licensing / Rhode Island

Rhode Island Student Loan Servicer Registration

company licence · NMLS RISTUDENTLNSERVICER_C · DBR

Requirements (17)

1. Step 1

   Financial Statement: UPLOAD Financial Statements, including a Balance Sheet and Income Statement, prepared in accordance with Generally Accepted Accounting Principles representing the Applicant’s financial position within the ninety (90) day period immediately preceding the filing of the license application. • If Applicant is a startup company, then Applicant need only upload a Balance Sheet. • See the License Requirements and Fees Chart on the NMLS Resource Center for additional details related to this Requirement. As provided in R.I. Gen. Laws § 19-14-5, each licensee which applied for and is granted a license after June 30, 1995, must maintain minimum net worth, as set forth in R.I. Gen. Laws § 19-14-5, at all times. Net worth shall be defined as the amount by which total assets exceed total liabilities, calculated in accordance with Generally Accepted Accounting Principles. NOTE: • Only the Applicant’s Financial statements are uploaded separately under the Financial Statement Summary section of the Filing tab. • The Division will not accept consolidated financial statements of the Direct Parent or Ultimate Parent Company that incorporate Applicant's financials in the consolidated numbers UNLESS they include a breakdown schedule that shows the financial position of each entity making up the consolidation. • All licensees must prepare and maintain a financial statement, prepared at a minimum on a quarterly basis, which evidences compliance to applicable statutory net worth requirements.

   Submitted via: NMLS

2. Step 2

   Non-Primary Contact Employees: Rhode Island requires that an individual(s) be identified as a Non-Primary Contact for the following areas. These contacts must be listed in the Contact Employees section of the Company Form (MU1). • Pre-exam contact • Licensing • Consumer Complaint (Public) • Consumer Complaint (Regulator) • Legal

   Submitted via: NMLS

3. Step 3

   Qualifying Individual: Applicants must recognize an individual who is responsible for the actions of the registrant. This individual is referred to as the Qualifying Individual. This individual must be listed in the Qualifying Individual section of Company (MU1) Form and hold physical employment at the main office (his/her business address must match the address listed as the “Main Office Address” on the Company (MU1) Form.

   Submitted via: NMLS

4. Step 4

   Electronic Surety Bond: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. • Submit an Electronic Surety Bond (ESB) furnished and submitted by a surety company authorized to conduct business in Rhode Island. Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

   Submitted via: Electronic Surety Bond in NMLS

5. Step 5

   Business Plan: Upload a business plan that describes the activities the applicant proposes to take in Rhode Island, which may include the following information: • Type(s) of student loans serviced (Direct, FFEL, Perkins,private) • Actual and/or projected Rhode Island servicing volume, by dollar amount for each type of student loanserviced • Projected growth • Fee schedule • Operating structure the applicant intends toemploy • Technology or software used for servicing studentloans • Outsourced servicingactivities • Efforts to minimize delinquency anddefault • Any additional information the applicant deems pertinent. This document should be named [Company Legal Name] Business Plan. Note: If the existing uploaded business plan already includes the above information, an additional document does not need to be uploaded. A company should only upload a single business plan. If state-specific material is required, this information should be added to the existing uploaded business plan.

   Submitted via: Upload in NMLS: under the Document Type Business Plan in the Document Uploads section of the Company Form (MU1).

6. Step 6

   Certificate of Authority/Good Standing Certificate: Applicant must register with the Rhode Island Secretary of State as applicable.

7. Step 7

   Formation Documents: Determine classification of applicant’s legal status and submit a State certified copy of the requested applicable documentation detailed below. Original formation documents and all subsequent amendments, thereto including a list of any name changes. Limited Liability Partnership: • Certificate of Limited Liability Partnership; and • Partnership Agreement (including all amendments). Limited Liability Company (“LLC”): • Articles of Organization (including all amendments); • Operating Agreement (including all amendments); • LLC resolution if authority not in operating agreement. Corporation: • Articles of Incorporation (including all amendments); • By-laws (including all amendments), if applicable; • Shareholder Agreement (including all amendments), if applicable; • Corporate resolution if authority to complete application not in By-Laws or Shareholder Agreement, as amended, as applicable. Not for Profit Corporation: • Documents requested of a Corporation; and • Proof of nonprofit status: • Internal Revenue Service (“IRS”) 501(c)(3) designation letter; or • Statement from a State taxing body or the State Attorney General certifying that: 1. The entity is a nonprofit organization operating within the State; and 2. No part of the entity’s net earnings may lawfully benefit any private shareholder or individual; or • Entity's certificate of incorporation or similar document if it clearly establishes the nonprofit status of the applicant; or • Any of the three preceding items described, if that item applies to a State or national parent organization, together with a statement by the State or parent organization that the applicant is a local nonprofit affiliate.

   Submitted via: Upload in NMLS: under the Document Type Formation Document in the Document Uploads section of the Company Form (MU1).

8. Step 8

   Management Chart: UPLOAD a management chart displaying the applicant’s divisions, directors, officers, and managers (individual name and title). • Chart must also identify compliance reporting and internal audit structure. • Chart should be named [Company Legal Name] Management Chart and UPLOADED under the Document Type “Management Chart" in the Document Uploads section. If the existing uploaded management chart already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

   Submitted via: Upload via Document Upload Section of MU1.

9. Step 9

   Organizational Chart/Description: Submit a chart (or a description) which includes the percentage of ownership of: • Direct Owners (total direct ownership percentage must equate to 100%) • Indirect Owners • Subsidiaries and Affiliates of the applicant/licensee This document should be named [Company Legal Name] Organizational Chart and UPLOADED under the Document Type "Organizational Chart" in the Document Uploads section. If the existing uploaded Organizational Chart/Description already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart. NOTE: The information on the organizational chart should be consistent with information contained in other sections of Form MU1

   Submitted via: Upload via Document Upload Section of MU1.

10. Step 10

    Company Staffing and Internal Policies: Upload document(s) including information on staffing and internal organizational policies and procedures. The document must include the following information: Policies and procedures for informing borrowers of available repayment options • Policies and procedures for applying payments, including nonconforming payments • Policies and procedures for student loans that are delinquent or in default • Policies and procedures for servicing transfers • Policies and procedures for maintaining records • Policies and procedures for responding to complaints and inquiries • Policies and procedures for communicating with a borrower’s authorized representative This document should be named [Name of Policy]. If submitting multiple policies, upload and name each policy separately.

    Submitted via: Upload in NMLS: under the Document Type Company Staffing and Internal Policies in the Document Uploads section of the Company Form (MU1).

11. Step 11

    Other Trade Names: If operating under a name that is different from the applicant’s legal name, that name (“Trade Name”, “Assumed Name” or “DBA”) must be listed under the "Other Trade Names" section of the Company Form (MU1) and Branch Form (MU3) of any licensed location listing Rhode Island as the jurisdiction. Rhode Island does not limit the number of other trade names a licensee may use. It is the applicant’s responsibility to ensure that all other trade names to be used in Rhode Island are properly registered with the RI Secretary of State. NOTE: If your company is forced to use an ASSUMED NAME in order to conduct business in Rhode Island, then Applicant must list the ASSUMED NAME under the “Other Trade Names” section of the Company Form (MU1) and Branch Form (MU3) of any licensed location followed by “(Assumed Name)” listing Rhode Island as the jurisdiction. If your company choices to use its legal name by itself in addition to its other trade names, its legal name must also be listed under “Other Trade Names” section of the Company (MU1) Form and Branch Form (MU3) of any licensed location followed by “(Legal Name)” listing Rhode Island as the jurisdiction. All licensed locations including branch offices must have all these alternative names listed on their NMLS filing with the Division.

    Submitted via: NMLS

12. Step 12

    Resident/Registered Agent: The Applicant must appoint and maintain a Resident/Registered Agent in Rhode Island. The Agent (Individual or Company) must be physically located in Rhode Island and must not be an employee, manager or owner of the Company. • The designated Agent must be listed under the Resident/Registered Agent section of the Company Form (MU1) and must match the information currently on record with Rhode Island Secretary of State.

    Submitted via: NMLS

13. Step 13

    Primary Contact Employees: The following individuals must be listed under the Contact Employees section of the Company Form (MU1). • Primary Company Contact • Primary Consumer Complaint Contact. • Examination Contact

    Submitted via: NMLS

14. Step 14

    Disclosure Questions: Provide a complete and detailed explanation for any “Yes” response along with any supporting documentation such as applicable Orders, Suspensions etc. A separate explanation and document upload is needed for each “Yes” response. • Upload a copy of any applicable orders or supporting documents in the Disclosure Explanations section of the Company (MU1) Form. • See the Company Disclosure Explanations Quick Guide for instructions.

    Submitted via: NMLS

15. Step 15

    Bank Account: Bank account information is not required for the Applicant to submit this application for Licensure.

16. Step 16

    MU2 Individual FBI Criminal Background Check Requirements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement

    Submitted via: N/A

17. Step 17

    Credit Report: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

    Submitted via: N/A

General information

Other Rhode Island mortgage licenses

• Mortgage Loan Originator License
• Third Party Loan Servicer Branch License
• Third Party Loan Servicer License
• All 4 Rhode Island licenses

Sourced from the NMLS/CSBS state licensing record, last updated April 23, 2025. Requirements change — confirm against the state agency before filing. Not legal advice.