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…
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 de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateNMBond amount$5,000Term lengthContinuousObligeeNew Mexico Regulation and Licensing Department, Financial Institutions DivisionRenewalThe bond must be maintained and the amount recalculated annually during the license renewal process, with renewal applications due by May 31st each year.Bond classLicense BondCategoryFinancial ServicesBondCollection Agency Surety BondStatutory referenceNMSA 1978, § 61-18A-15JurisdictionState
