A New Mexico Collection Agency Bond is a type of surety bond and is just one of the requirements to obtain a collection agency license in the state of New Mexico. While the license and surety bond are the New Mexico Financial Institutions Division, the license application is processed by the Nationwide Mortgage Licensing System (NMLS).
Per statute “Any person or entity engaging in business for the purpose of collecting or attempting to collect, directly or indirectly, debts owed or due or asserted to be owed or due another, where such person is so engaged by two or more creditors. The term also includes any creditor who, in the process of collecting his own debts, uses any name other than his own which would indicate that a third person is collecting or attempting to collect such debts.” The collection agency license authorizes the following activities:
- Active debt buying (undertakes direct collections on accounts)
- Consumer loan servicing
- First party debt collection
- Judgment recovery
This bond guarantees that the principle will abide by all New Mexico state laws outlined in the New Mexico Collection Agency Regulation Act. If this bond is to be cancelled, the obligee must be notified of the cancellation at least 30 days before the cancellation date. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
New Mexico Collection Agency Licensing Requirements
Surety1 is not directly involved with the licensing process, but we’ve compiled this information which may helpful for you.
State licensing fees and requirements:
- New Mexico Collection Agency Bond
- License application
- Supporting documents for application (listed on official page)
- $500 application fee
- Financial statement
- Notarized oath and statement of applicant
- Company management information
All licensing fees are required by the obligee, not the surety company. For a complete check list of the collection agency license reequipments click here.
How to obtain a New Mexico Collection Agency Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Nevada Collection Agency Bond will be shipped to the bond principal (license applicant) to be uploaded to the NMLS.
1 – The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003 and maintains an A+ rating from the Better Business Bureau.
For a list of states that require collection agency bonds, visit our collection agency guide page.