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How much does a debt collection company bond cost in New Mexico?
The New Mexico Financial Institutions Division requires collection agencies in the state to post a $5,000 corporate surety bond, which costs $100 per year. A 25% discount is available for subsequent years for those who choose to purchase their bond for multiple years.
Why do I need this bond?
Collection agency corporate bonds ensure that principals (collection agencies) will adhere and comply with all provisions of the New Mexico Collection Agency Regulatory Act. If the principal violates any of the given provisions, a claim can be made against the bond.
What’s the fine print?
The principal’s signature on the bond form must be witnessed by a licensed notary public. The bond is to be maintained until the principal’s license is withdrawn, terminated, or revoked. If the bond is otherwise canceled, the surety must send a written cancellation notice to the Director of the Financial Institutions Division at least 30 days before the cancellation date.
How to become a collection agency in New Mexico
All applications must be submitted to the Financial Institutions Division. The following information and documentation must be provided along with the application:
- financial statement
- disclosure of affiliated business entities
- $5,000 surety bond
- company management information
- $500 application fee
- applicant’s notarized oath and statement
To renew a license, the debt collection company must submit a renewal application along with a $50 application fee.
Detailed licensing requirements can be found in the “Additional Resources” section on this page.
Collection Agency Bonds Nationwide
Many collection agencies operate in multiple states, meaning they may be required to have multiple surety bonds. Get more information about other states’ collection agency bond requirements by selecting a state on the map below.