What Is a New Mexico Surety Bond?
Many New Mexico businesses need to provide a New Mexico surety bond, so they can operate legally in the state. Surety bonds are required to protect the state, and its citizens, from unethical businesses or individuals that might engage in fraudulent activities.
Your New Mexico surety bond works like a three-party contractual agreement. You are the principal who needs the bond, the obligee is the authority that requires it, and the surety is the entity underwriting the bond.
While there are numerous cases in which you might be asked to get bonded, the most common surety bonds fall into three categories:
If you want to obtain a business license as an auto dealer, freight broker, mortgage broker or the like, you will often need to get a license bond. Its purpose is to ensure your qualifications and lawful operation in your business field.
Contract bonds are required when construction contractors bid on private or public projects. Their goal is to protect the project owner, by guaranteeing that contractors will abide by their contractual obligations.
In some cases, a Maryland court might ask you to post a court bond. This is needed if you have to act as a fiduciary, or if you want to appeal a case to a higher court.
Below is a list with the most common Maryland surety bonds. If the one you need is not there, make sure to check the full list of surety bonds in the state, which is at the end of the page.
Can’t find the bond you need? Call us at (877) 514-5146 and we’ll help you out.
Most Popular Surety Bonds in New Mexico
Considering a startup in car sales in New Mexico? You will have to post a $50,000 auto dealer bond if you plan to sell new or used vehicles.
You have to obtain a New Mexico collection agency bond, so that you can launch your legal operations in the state.
If you want to run an independent adjusting firm that investigates insurance claims, you will need a $10,000 New Mexico independent adjuster bond.
Construction contractors that want to get licensed in their trade will have to post a New Mexico contractor license bond of $10,000.
Mortgage loan companies in New Mexico are required to post a bond that can be between $50,000 and $150,000, depending on the volume of mortgage loans per year.
As in all other states, New Mexico freight brokers are required to post a $75,000 freight broker bond.
In order to obtain a New Mexico money transmitter license, entities have to get a surety bond in an amount between $300,000 and $2 million.
Questions about Surety Bonds in New Mexico
How much does a New Mexico surety bond cost?
Your surety bond cost is formulated on the basis of the surety bond amount that you are required to post. This amount depends on the type of business you are in and your location. It can be a fixed amount for the whole country, a set amount for New Mexico or your local area, or it can be settled on a case-by-case basis.
The bond price you need to pay is only a percentage of this amount, called the bond premium. If you qualify for the standard bonding market, you can expect a premium between 1% and 4%.
When you apply for a bond, your surety will take a close look at your personal and business financials. It will consider your personal credit score, business finances and assets and liquidity. If your overall stats are solid, you can expect to pay less for the bond. Higher-risk applicants are assigned bigger premiums.
Can I get a New Mexico surety bond with bad credit?
Lance Surety Bonds have been underwriting New Mexico surety bonds for various types of businesses. We’ve seen many applicants struggling because of problematic finances, and that’s why we operate our Bad Credit Program.
If you have a low credit score, tax liens, past bankruptcies, or civil judgments, you can almost always still get bonded with us. You can expect a bond premium in the range of 5%-15%, which mitigates the higher risk of bad credit bonding.
Our program is here to help you stay in business and improve your finances over time. Because of our excellent relations with numerous A-rated, T-listed surety companies, you can be sure that you are getting a top bonding rate with us, whatever your credit score is.
How do I get bonded in New Mexico?
You can start your bonding process today! Just apply online for your free, no-obligations New Mexico surety bond quote.
For an exact price, you need to submit your application along with a set of relevant documents.
Don’t hesitate to contact us at (877) 514-5146. Our bonding specialists are available to assist you.
Our How to Get Bonded page provides an excellent overview of the bonding process, so make sure to take a look for a full picture.
Find Your New Mexico Surety Bond
|Contractor License Performance & Payment (State) Bond||Contractor License||Construction Industries Division||Apply Now|
|Contractor License Performance & Payment (State) Bond||Installer and/or Repairman License||NM Manufactured Housing Division||Apply Now|
|Contractor License Performance & Payment (State) Bond||Contractor License Code Bond||Construction Industries Division||Apply Now|
|Contractor License Performance & Payment (State) Bond||Modular Structure Certification Bond||New Mexico Regulation & Licensing Dept||Apply Now|
|Contractor License Performance & Payment (State) Bond||Service Contract Provider Bond||STATE OF NEW MEXICO||Apply Now|
|Collection Agency Bond||Collection Agency Corporate Bond||Finance Institutions Division||Apply Now|
|Professional Fund Raisers Bond||Professional Fund Raisers Bond||New Mexico - Office of the Attorney General||Apply Now|
|Insurance Adjusters Bond||Insurance Adjusters Surety||New Mexico Public Regulatory Commission Licensing||Apply Now|
|Mortgage Broker (1st & 2nd Mortgages) Bond||Mortgage Loan Company||Director,Financial Institutions Division, Regulati||Apply Now|
|Mortgage Lender/Banker (1st & 2nd Mort.) Bond||MORTGAGE LOAN COMPANY CORPORATE SURETY BOND||State Of New Mexico||Apply Now|
|Auto & Mobile Home Dealers (New & Used) Bond||Vehicle Dealer or Auto Recycler||Motor Vehicle Division||Apply Now|
|Auto & Mobile Home Dealers (Used Only, No New) Bond||Vehicle Dealer or Auto Recycler||Motor Vehicle Division||Apply Now|
|Motor Vehicle (Non-Dealer, Not Listed) Bond||Title Service Company Bond||Motor Vehicle Division||Apply Now|
|Sport Permits Bond||Promoters of Professional Athletic Events||State Athletic Commission||Apply Now|
|Detectives Bond||PRIVATE INVESTIGATOR OR PRIVATE PATROL OPERATOR LI||State of New Mexico||Apply Now|
|Employment Agencies Bond||Employee Leasing Company||New Mexico Regulation and Licensing Department||Apply Now|
|Professional Licenses (All Other) Bond||Employee Leasing Program||New Mexico Regulation and Licensing Department||Apply Now|
|Schools (All) Bond||Driver Training School||DOT - Traffic Safety Bureau||Apply Now|
|Schools (All) Bond||Private Postsecondary Institution Bond||New Mexico Higher Education Department||Apply Now|
|Contractors Tax (Single Contract) Bond||Contractors Taxation Surety||State of New Mexico||Apply Now|
|Contractors Tax (Single Contract) Bond||Contractors Tax (Single Contract) Bond||New Mexico Taxation & Revenue Department||Apply Now|
|Utility Deposit Bond||Utility Deposit Bond||Public Service Company of New Mexico||Apply Now|
|Telemarketing/Phone Solicitor Bond||Professional Fundraiser||New Mexico - Office of the Attorney General||Apply Now|
|Repossession Agent Bond||Repossessor's Company Corporate||Regulation and Licensing Department||Apply Now|
|Appraisal Management||Appraisal Management Company Registration||State of New Mexico||Apply Now|