What is required for a person to be considered a loan broker in Rhode Island?

To be classified as a loan broker in Rhode Island, an individual must engage in soliciting or negotiating loans for compensation within the state. This definition emphasizes the broker's active role in connecting borrowers with lenders, which is fundamental to the function of a loan brokerage. The focus on compensation highlights that the activity of brokering loans is a professional service that typically involves earning a fee or commission for the transactions facilitated.

While other options may pertain to different aspects of the real estate or finance industry, they do not specifically define a loan broker. Being a certified appraiser relates to property valuation, having a real estate license is often more closely associated with buying and selling real estate rather than brokering loans, and an establishment period of five years does not inherently qualify someone as a loan broker. Thus, the defining characteristic of soliciting or negotiating loans for compensation directly aligns with the responsibilities and activities that constitute loan brokerage in Rhode Island.