Bond requirements repealed for certain NM Public Officials

Category: Uncategorized
Published: Sep 14, 2011
SB 235/HB 345: Public Officials

This would repeal the public official bond requirements for all secretaries, appointed directed of cabinets and the employees of a cabinet department. Under current law for New Mexico their executive cabinet provides that each secretary of a cabinet must post a bond in the amount of 25K and each director of a cabinet department must post a 10K bond. The new bill would eliminate any references to bond requirements for cabinet officials and employees for the following departments:

• Children
• Youth and Families
• Corrections
• Department of Finance and Administration
• Department of Health
• Department of Environment
• Human Services
• Economic Development
• Tourism
• Regulation and Licensing
• General Services
• Public Safety

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.

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