Rhode Island Governor Daniel McKee has signed into law SB 2794/HB 7781 which requires a $50,000 bond for licensed debt collectors in Rhode Island. The bond amount for debt collectors is similar to bond amounts for other businesses in Rhode Island.
Please note that this law takes effect immediately.
RMAI recommends that members collecting debt from Rhode Island residents:
- Immediately contact their bond issuer.
- Share this Member Alert with their legal counsel or those responsible for compliance to determine whether collections should be paused until the bond has been issued.
This Member Alert is intended for members of the Receivables Management Association International, is for informational purposes only, and is in no way intended to provide legal advice. Members are encouraged to consult with an attorney of their choice for legal advice concerning this matter.