The New Mexico Auto Recycler Bond is required by the State of Mexico, Motor Vehicle Division, in the amount of $50,000 for the year. The bond confirms that the bondholder will comply with the provisions of Section 66 – 4 – 7, NMSA 1978 Comp, as amended, and all subsequent amendments. The bond is set to expire each year on March 31st.
What are the requirements in order to be an Auto Recycler in New Mexico?
An auto recycler, according to the Motor Vehicle Code, is a person engaged in this state in an established businessthat includes acquiring vehicles that are required to be registered under the Motor Vehicle Code for the purpose of dismantling, wrecking, shredding, compacting, crushing or otherwise destroying vehicles for reclaimable parts or scrap material to sell. They must be licensed by the state before operating. A completed application form must be submitted, accompanied by the fee prescribed by the department. Another important requirement is the $50,000 surety bond. This bond must be issued by a surety company that is licensed to do business in New Mexico.
How do I obtain a New Mexico Auto Recycler Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.