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New Mexico Collection Agency Bond

Want your bond emailed to you tomorrow? Buy your bond now .

Purchase your bond instantly online when you choose one of the 3 term options below. Save time and money by extending your bond term. Choosing a longer term now means you pay 25% less for your bond each year and forego the annual renewal process.

$100.00
1 year term
$175.00
2 year term - save $25.00!
$250.00
3 year term - save $50.00!

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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 those who choose to purchase their bond for multiple years.

Bond Type	Bond Amount	Cost
$5,000 Collection Agency Bond	$5,000	$100

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 The bond is to be maintained until the principal’s license is withdrawn, terminated or revoked.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.