All individuals and businesses seeking to obtain or renew a contractor license in the State of New Mexico, including general building contractors (GB-2, GB-98) and specialty contractors. Required when: The bond is required as a condition of initial licensure and for the renewal of a contractor's license. Exemptions: I…
Overview
What it is.
All individuals and businesses seeking to obtain or renew a contractor license in the State of New Mexico, including general building contractors (GB-2, GB-98) and specialty contractors. Required when: The bond is required as a condition of initial licensure and for the renewal of a contractor's license. Exemptions: I…
Who usually needs it
All individuals and businesses seeking to obtain or renew a contractor license in the State of New Mexico, including general building contractors (GB-2, GB-98) and specialty contractors.
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$10,000Term lengthContinuousObligeeNew Mexico Regulation and Licensing Department, Construction Industries Division (CID)RenewalThe bond must be maintained continuously for the duration of the license. While the license is renewed every three years, the bond premium is typically paid annually or every three years to the surety company, and a con…Bond classLicense BondCategoryConstructionBondContractor License Code BondStatutory referenceNMSA 1978, § 60-13-49JurisdictionState
