A Repossessor's Company Corporate Surety Bond is required for businesses in New Mexico that repossess vehicles or other property when loan payments aren't made. This $5,000 bond protects consumers and the state by ensuring repossession companies follow all state laws and regulations during the repossession process. If…
Overview
What it is.
A Repossessor's Company Corporate Surety Bond is required for businesses in New Mexico that repossess vehicles or other property when loan payments aren't made. This $5,000 bond protects consumers and the state by ensuring repossession companies follow all state laws and regulations during the repossession process. If…
Who usually needs it
Repossessor companies in New Mexico (structured as LLC, corporation, etc.) that repossess personal property on behalf of others for compensation must obtain this $5,000 bond to receive or renew their license under the Collection Agency Regulatory Act (NMSA 1978, Chapter 61, Article 18A).
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$5,000ObligeeState of New MexicoBond classLicense BondCategoryOtherBondRepossessor's Company Corporate Surety BondPlain descriptionA Repossessor's Company Corporate Surety Bond is required for businesses in New Mexico that repossess vehicles or other property when loan payments aren't made. This $5,000 bond protects consumers and the state by ensur…Who needs this bondRepossessor companies in New Mexico (structured as LLC, corporation, etc.) that repossess personal property on behalf of others for compensation must obtain this $5,000 bond to receive or renew their license under the C…
