The New Mexico Repossessor Surety Bond is required by the State of New Mexico, Regulation and Licensing Department, in the amount of $5,000. The bond states that the bondholder shall strictly comply with the Collection Agency Regulatory Act and all provisions of the Act. In addition, they shall pay to the state or to any person entitled, all money that becomes due by activities regulated to the Act.
Who needs a Repossessor Surety Bond?
Any person engaged solely in the business of repossessing personal property for others for a fee must be bonded. Along with the initial license application, they must be submitted to the Director of the Financial Institutions Division.
What are the other License Requirements?
Aside from the surety bond and the Application for Original Repossessor, the following documents must also be submitted:
- Company Organization Documents
- Financial statements which should include balance sheet and income statement
- $250 for the application fee. It should either be a check or money order
- Notarized oath and statement
- If applicable, applicants must also submit Civil Litigation, Business licensing information, regulatory enforcement action history, criminal history
How do I get a New Mexico Repossessor Surety Bond?
First, complete our easy to navigate online application form. Next, one of our professional surety bond agents will contact you with a firm no-obligation quote.
After that, make payment, sign some paperwork and your bond will be delivered by USPS priority mail. Overnight shipping is also available, for an additional fee.
Surety1 has been issuing New Mexico surety bonds since 2003. We are licensed in all 50 states and can help with any of your surety bond needs.
The company maintains an A+ rating by the Better Business Bureau as evidence of our excellent service in this industry. You can also be assured that we will only offer the best rates as we represent several surety markets.