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Collection Agency Surety Bond

Any person or entity applying for a collection agency or repossessor's license or renewal in New Mexico. Required when: Prior to the issuance or renewal of a collection agency or repossessor's license. Exemptions: Banks, attorneys collecting for clients, third-party mortgage servicers (if debt not in default when obta…

Bond amount$5,000
State or jurisdictionNew Mexico
ObligeeNew Mexico Regulation and Licensing Department, Financial Institutions Division

Essential point: Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.

Amounts can vary

Selected requirement: $5,000. Other available requirements: "The penal sum of the bond shall be the greater of $5,000 or an amount equal to the proceeds due clients for at least two months average collections during the previous licensing year, not to exceed $25,000. An additional $5,000 is require…. Exact options still depend on the obligee, state, and underwriting.

Google icon5.0 ★★★★★Google review profileBBB iconBBB A+ AccreditedView the agency profile
2323 yearsHelping clients and agents
Overview

What it is.

Any person or entity applying for a collection agency or repossessor's license or renewal in New Mexico. Required when: Prior to the issuance or renewal of a collection agency or repossessor's license. Exemptions: Banks, attorneys collecting for clients, third-party mortgage servicers (if debt not in default when obta…

Who usually needs it

Any person or entity applying for a collection agency or repossessor's license or renewal in New Mexico.

Pricing & timing

What to expect.

Generic pricing

License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher depending on the specific bond type, state program, or underwriting requirements.

Your quote determines the actual premium.

Typical timeframe

Issuance timeframe varies by bond type and underwriting

Timing can change when underwriting needs more information.
Application details

How it works.

  1. Start the application

    Confirm the bond and provide applicant and business details.

  2. Review the quote

    See the terms and premium before deciding to continue.

  3. Pay and sign

    Complete the required payment and signatures.

  4. Receive the bond

    Get the issued bond and filing or delivery instructions.

Platinum Bonds

Experience behind every bond.

Helpful guidance, a real agency team, and a clear path from research to application.

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“Finally a company that understands what customer service is supposed to be.”

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“My bond application was processed and received very quickly.”

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“I highly recommend you do business with these folks.”

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23 years

Offering service to clients and agents alike.

Next step

Ready to move forward?

Start the secure application with this bond already selected, or ask Ava a question before you begin.

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