The New Mexico Contractor License Code Bond is required by the New Mexico Regulation and Licensing Department. The bond is required to be in the amount of $10,000 for the year.
What is the purpose of a New Mexico Contractor License Code Bond?
The bond serves as an assurance for the state that the business will be conducted legally, following all the rules and regulations of the state. A claim can be placed on the bond if the bondholder is found in violation of building code, as set forth in NMAC Title 14, Chapters 7 through 10, and after being given a reasonable opportunity to cure such violation, fails to do so.
Other License Requirements
Aside from the surety bond, the following must be met in order to qualify for the Contractor License:
- Completed Contractor License Application
- Valid Qualifying Party Certificate
- New Mexico Tax ID Number
- Business Registration
- Payment for the fees – the price may depend on your classification
All applicants must also finish the required education requirements and pass the exam.
Why should I get my New Mexico Contractor License Code Bond from Surety1?
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.