Rhode Island Debt Management Services Registration (Page 3 of 4) in pdf

FILED

NOT

ATTACHED

RHODE ISLAND DEBT MANAGEMENT SERVICES REGISTRATION

APPLICABLE

NMLS



N/A

Background Check: All applicable control persons must Mail the following

information to the Division:

1) An Original Completed

Authorization for Background Check and Release

form;

2) A copy of the individual’s valid photo Id, such as an unexpired driver’s

license or passport;

3) Two (2) completed fingerprint cards (the Division does not provide cards);

4) A completed

Original Certification of Fingerprinting

by other agencies

form; and

5) A check in the amount of $35 per individual made payable to “BCI” for the

cost of the background check.



N/A

Insurance policy. Upload a copy of an Insurance policy with the following

criteria/conditions:

1) Insurance Company must be rated by a nationally recognized rating

organization of at least an “A’ rating and authorized to conduct business in

RI;

2) Policy must provide $250,000 in coverage and a deductible of $10,000 or

less;

3.) Policy must protect against dishonesty, fraud, theft and other misconduct

on the part of the Applicant or a director, employee or agent of the

Applicant;

4) Policy must be payable to the Applicant, individuals who have

agreements with the Applicant, and the state, as their interests may appear;

and

5) Policy must not be subject to cancellation by the Applicant without the

approval of the Director.



N/A

Fees/charges. Upload a schedule listing the fees/charges the applicant

plans to charge Rhode Island consumers for its services/products.



N/A

Proof of non-profit status. If the Applicant is organized as a not for profit

entity or is exempt from taxation it must upload evidence that it is a not-for-

profit and has tax-exempt status under the IRC, 26 U.S.C. § 501, as

amended.



N/A

Proof Board Of Directors is Independent of Applicant/Agents. Tax

Exempt Applicants must upload evidence onto NMLS that proves its Board

of Directors (“Board”) is independent as described in RI Gen. Laws § 19-

14.8-9(d). The Board is not independent if more than one-fourth (1/4) of the

board members are:

1) Affiliates of Applicant , as defined in sections §§19-14.8-2(2)(a) or 19-

14.8-2(2)(b)(i)(ii)(iv)(v)(vi) or (vii) OR

2) After the date ten (10) years before first becoming a director of the

Applicant, were employed by or directors of a person that received from the

Applicant more than twenty-five thousand dollars ($25,000) in either the

current or preceding year.



N/A

Proof of Company/Individual Accreditation. Upload the attached

Schedule E as evidence that Applicant is accredited pursuant to the Uniform

Debt-Management Services Act. The approved Accreditation providers for

both the Applicant and its credit counselors are: Partnership for Financial

Education and Institute for Financial Literacy located in the State of Maine.

Applicant must also submit a copy of each certified credit counselor’s

Updated: 10/6/2014

Page 3 of 4

Rhode Island Debt Management Services Registration Page 3

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