How much does a corporate repossessor surety bond cost in New Mexico?
The Financial Institutions Division of New Mexico requires repossessor companies to be bonded for $5,000.
SuretyBonds.com issues these bonds instantly for just $100. No credit check is required, so everyone qualifies for this low, flat rate. What are you waiting for? Get bonded now!
|Bond Type||Bond Amount||Cost*|
|$5,000 Repossessor's Company Corporate Bond||$5,000||$100||Buy Now|
Give us a call at 1 (800) 308-4358, or fill out our easy online contact form. Our experts will get you set up with the New Mexico surety bond you need instantly for just $100!
Why do I need this bond?
New Mexico repossessor company surety bonds ensure that the principal (repossessor 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.
Pay just $100 for a New Mexico repossessor’s company corporate bond when you work with SuretyBonds.com. Get bonded now!
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This bond expires when the principal’s license is withdrawn, terminated through non-renewal or revoked by the Director of the Financial Institutions Division.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 following information:
- the applicant’s name and trade name
- the physical address of the main business office
- the name and mailing address of the contact person
- whether the business is a corporation (New Mexico or foreign), a partnership, a LLC, a registered LLP, a sole proprietorship or other
- a current signed financial statement
- a $5,000 surety bond
- the $250 application fee
- and more
Complete licensing information can be accessed via the Important Links section of this page.
Ready to conduct business as a repossessor? Kickstart the licensing process by getting bonded now!
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