{"Result":[{"LicenseTypeID":2023,"LicenseRequirementID":12537,"RequirementText":"

Qualifying Individual: 

\n

An Individual is required to be appointed for each location to be licensed by the Division. This individual is referred to as the Qualifying Individual for the main office and the Branch Manager for all other locations. This individual must be listed in the Qualifying Individual section of Company (MU1) Form and his/her business address must match the address listed as the “Main Office Address” on the Company Form

\n

 

\n

The Qualifying Individual is REQUIRED to meet all of the following requirements.

\n

For Mortgage Lenders / Mortgage Loan Brokers:

\n\n

For Non-Mortgage Lenders /Non-Mortgage Brokers:

\n","IsNote":null,"SubmittedVia":"

NMLS

","Order":14,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2026-04-02T17:16:07.96","Version":7,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":12538,"RequirementText":"

Credit Report: The following individuals are required to authorize a credit report\nthrough NMLS.


\n\n

See the License Requirements and Fees\nChart on the NMLS Resource Center for details related to this Requirement.

","IsNote":null,"SubmittedVia":"

NMLS

","Order":12,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T18:02:17.64","Version":4,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":12539,"RequirementText":"

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.  

\n\n

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.

\n

Net worth shall be defined as the amount by which total assets exceed total liabilities, calculated in accordance with Generally Accepted Accounting Principles.

\n

NOTE: 

\n","IsNote":null,"SubmittedVia":"

NMLS

","Order":3,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T16:42:27.763","Version":4,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":12540,"RequirementText":"

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.

\n

Limited Liability Partnership:

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·         Certificate of Limited Liability Partnership; and

\n

·         Partnership Agreement (including all amendments).

\n

 

\n

Limited Liability Company (“LLC”):

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·         Articles of Organization (including all amendments);

\n

·         Operating Agreement (including all amendments);

\n

·         LLC resolution if authority not in operating agreement.

\n

 

\n

Corporation:

\n

·         Articles of Incorporation (including all amendments);

\n

·         By-laws (including all amendments), if applicable;

\n

·         Shareholder Agreement (including all amendments), if applicable;

\n

·         Corporate resolution if authority to complete application not in By-Laws or Shareholder Agreement, as amended, as applicable.

\n

 

\n

Not for Profit Corporation:

\n

·         Documents requested of a Corporation; and

\n

·         Proof of nonprofit status: 

\n

·         Internal Revenue Service (“IRS”) 501(c)(3) designation letter; or

\n

 

\n

·         Statement from a State taxing body or the State Attorney General certifying that:

\n

 

\n

1.    The entity is a nonprofit organization operating within the State; and

\n

2.    No part of the entity’s net earnings may lawfully benefit any private shareholder or individual; or

\n

 

\n

·         Entity's certificate of incorporation or similar document if it clearly establishes the nonprofit status of the applicant; or 

\n

·         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.

","IsNote":null,"SubmittedVia":"

NMLS

","Order":16,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T18:18:45.827","Version":6,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":12542,"RequirementText":"

Certificate of Authority / Good Standing Certificate: Upload a copy of the company’s Certificate of Authority or Certificate of Good Standing issued by the RI Secretary of State’s office or applicable Municipality City or Town, dated not more than 60 days prior to the filing of the application in NMLS demonstrating that the Entity exists or is authorized to do business in Rhode Island.

\n\n

Document should be named RI Certificate of Authority OR RI Certificate of Good Standing and UPLOADED under the Document Type “Certificate of Authority/Good Standing Certificate” in the Document Uploads section.

","IsNote":null,"SubmittedVia":"

NMLS

","Order":1,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T18:11:53.027","Version":5,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":12545,"RequirementText":"

Electronic Surety Bond: See the License Requirements and\nFees Chart on the NMLS Resource Center for details related to this Requirement.

\n\n

·        \nSubmit an Electronic Surety Bond\n(ESB) furnished and submitted by a surety company authorized to conduct\nbusiness in Rhode Island.

\n\n

Note: Surety bonds submitted via the Document Uploads\nsection will not satisfy this requirement.

","IsNote":null,"SubmittedVia":"

Electronic Surety Bond in NMLS

","Order":5,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T16:33:05.503","Version":3,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":12547,"RequirementText":"

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

\n\n

NOTE: 

\n\n","IsNote":null,"SubmittedVia":"

NMLS

","Order":13,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T18:02:17.67","Version":4,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":12550,"RequirementText":"

Financial Statement of Legal Entities That Directly Own Applicant:  Submit a Balance Sheet prepared in accordance with Generally Accepted Accounting Principles, representing the direct owner’s financial position within the ninety (90) day period immediately preceding the filing of the License Application.

\n

 

\n

 NOTE: 

\n","IsNote":null,"SubmittedVia":"

NMLS

","Order":4,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T18:11:32.93","Version":4,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":24771,"RequirementText":"

Business Plan: Prepare and upload a current business plan that includes, at a minimum, the following information, if applicable:

\n

 

\n\n

 

\n

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.

\n

 

\n

  Upload document under the Document Type “Business Plan” in the Document Uploads section of the Company (MU1) Form.

","IsNote":null,"SubmittedVia":"

NMLS

","Order":6,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T18:34:06.287","Version":3,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":24773,"RequirementText":"

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.

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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.

\n

NOTE: 

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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.

\n

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.

\n

All licensed locations including branch offices must have all these alternative names listed on their NMLS filing with the Division.

","IsNote":null,"SubmittedVia":"

NMLS

","Order":2,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T16:39:40.323","Version":3,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":24847,"RequirementText":"

Resident/Registered Agent: The Applicant must appoint and maintain a Resident/Registered Agent in\nRhode Island. The Agent (Individual or Company) must be physically located in\nRhode Island and must not be an employee, manager or owner of the Company.

\n\n","IsNote":null,"SubmittedVia":"

NMLS

","Order":7,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T16:33:05.62","Version":2,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":24848,"RequirementText":"

Primary Contact Employees: The following individuals must be listed under the Contact\nEmployees section of the Company Form (MU1).

\n\n","IsNote":null,"SubmittedVia":"

NMLS

","Order":8,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T16:33:05.62","Version":2,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":24850,"RequirementText":"

Disclosure Questions: Provide a complete and detailed explanation for any “Yes” response along\nwith any supporting documentation such as applicable Orders, Suspensions etc. A\nseparate explanation and document upload is needed for each “Yes” response.

\n\n","IsNote":null,"SubmittedVia":"

NMLS

","Order":11,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T18:02:17.67","Version":3,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":24852,"RequirementText":"

Management Chart:  UPLOAD a management chart displaying the applicant’s divisions, directors, officers, and managers (individual name and title).

\n\n

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.

","IsNote":null,"SubmittedVia":"

NMLS

","Order":17,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T18:10:15.703","Version":5,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":24853,"RequirementText":"

Organizational Chart/Description: Submit a chart showing (or a description which includes) the percentage of ownership of:

\n\n

This document should be named [Company Legal Name] Organizational Chart and UPLOADED under the Document Type \"Organizational Chart\" in the Document Uploads section.

\n

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.

\n

NOTE:  The information on the organizational chart should be consistent with information contained in other sections of Form MU1.

","IsNote":null,"SubmittedVia":"

NMLS

","Order":18,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T18:12:26.73","Version":5,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":24855,"RequirementText":"

Web Addresses: Provide any corporate websites, including any and all websites through which the company is soliciting consumers and transacting business.

\n

·         This information must be disclosed under the Web Addresses section of the Company Form (MU1).

\n

If the company does not have a website, it must UPLOAD a signed and dated letter stating that the company does not have a website.

\n","IsNote":null,"SubmittedVia":"

NMLS

","Order":9,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T18:18:01.31","Version":3,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":30139,"RequirementText":"

Bank Account: Bank account information is not required for Rhode Island to submit this application for Licensure.

","IsNote":null,"SubmittedVia":"

NMLS

","Order":10,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T18:03:26.477","Version":3,"ChangeType":"MOD"},{"LicenseTypeID":2023,"LicenseRequirementID":30140,"RequirementText":"

Remote Work Policy: If the Applicant allows employees to work in a remote capacity, UPLOAD a copy of the Company's \"Remote Work Policy\" into NMLS.

\n

 

\n\n

 

\n\n

 

\n

Note:

\n

 Per R.I Banking Regulation, 230-RICR-40-10-2, 2.5 (4), Managerial Oversight, Qualified Individuals (QIs) or Branch Managers should be physically present at the licensed location the majority of       operating hours to personally oversee the operations of the location, Rules & Regulations: Banking Division | Dept. of Business Regulation

","IsNote":null,"SubmittedVia":"

NMLS

","Order":15,"RequirementsCategory":null,"NMLSDocumentUploadType":null,"PostApplicationTaskGenerated":null,"LicenseItemType":null,"AdditionalTaskInfo":null,"ModifiedBy":"Ms. Emilia Giorno (emilia.giorno@dbr.ri.gov)","Modified":"2025-07-16T18:08:07.08","Version":4,"ChangeType":"MOD"}],"Id":13756,"Exception":null,"Status":5,"IsCanceled":false,"IsCompleted":true,"IsCompletedSuccessfully":true,"CreationOptions":0,"AsyncState":null,"IsFaulted":false}