All contractors licensed under the Construction Industries Division, including those with a GS-5 Demolition specialty classification. Required when: Application for or renewal of a contractor's license. Exemptions: Contractors performing construction work with a total annual value of less than $7,200 are exempt from l…
Overview
What it is.
All contractors licensed under the Construction Industries Division, including those with a GS-5 Demolition specialty classification. Required when: Application for or renewal of a contractor's license. Exemptions: Contractors performing construction work with a total annual value of less than $7,200 are exempt from l…
Who usually needs it
All contractors licensed under the Construction Industries Division, including those with a GS-5 Demolition specialty classification.
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 DivisionRenewalThe bond is continuous in form and remains in effect as long as premiums are paid to the surety. The contractor's license must be renewed every three years, at which time proof of an active bond must be maintained with …Bond classLicense BondCategoryConstructionBondContractor's License BondStatutory referenceNMSA 1978, § 60-13-49JurisdictionState
