How much does a $5,000 repossessor company surety bond cost in New Mexico?
New Mexico repossessor company surety bonds cost $100 and can be issued instantly. A 25% discount is available for subsequent years if multiple years of coverage are purchased. Simply click Buy Now to purchase your bond directly from our site via our secure bond checkout. It only takes a few minutes to be on your way to getting bonded as a repossession company in New Mexico.
Why do I need this bond?
The Financial Institutions Division of New Mexico requires repossessor companies to be bonded for $5,000 prior to receiving a license.
New Mexico repossessor company surety bonds ensure that the principal (repossession company) complies with all provisions, rules and regulations stated in the Collection Agency Regulatory Act, NMSA 1978, Chapter 61, 18A. This bond also serves as an indemnity to any person who suffers damages or loss due to the principal’s failure to conduct ethical and lawful business.
What’s the fine print?
This bond expires when the principal’s license is withdrawn, terminated through non-renewal, or revoked by the Director of the Financial Institutions Division. The surety can cancel the bond at any time by giving written notice of the impending termination to the director. Termination becomes effective 30 days from the receipt of such notice.
How to start a repossessor company in New Mexico
To conduct legal business in New Mexico, repossessor companies must provide the Division with the following information:
- Applicant’s name and trade name
- Main business office address
- Primary contact name and address
- Structure of business (LLC, corp., etc.)
- Signed current financial statement
- Surety bond
- Payment of application fee
