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How Much Does a New Mexico Contractor License Bond Cost?
The cost of a New Mexico contractor license bond is between $100 and $1,000. The state requires most types of contractors to be licensed and to have a $10,000 surety bond. Instead of paying the bond’s full amount, however, your bond can be purchased at a premium price.
We are an authorized surety dealer in New Mexico, and we have been providing bonds to the state’s contractors for over a decade. Bonds are available at a premium rate of 1% to 10%.
The rate for your new bond is determined after you apply with consideration given to several factors. These are your fixed and liquid assets, your professional credentials and your credit rating. Bonds are available for most credit scores.
A premium rate of 1% to 3% is available for applications with a credit score of 700 or higher. A 3% to 5% rate applies to those with a 600 to 699 credit score. A rate of 5% to 10% is available with a 599 credit score or below.
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Surety Bond Cost Based on Credit Score |
||||
|
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
New Mexico Contractor License Bond |
$10,000 |
$100 - $300 |
$300 - $500 |
$500 - $1000 |
How to Get a New Mexico Contractor License Bond
1. Determine the Surety Bond You Need
While all contractors are required to have a $10,000 surety bond, additional bond requirements may apply. For example, payment bonds and performance bonds may be required for some projects.
In some cases, contractors in New Mexico are subject to both state and local license and bond requirements. Before applying for your surety bond, spend a few minutes researching the requirements that are applicable to you. Resource links are available below for your convenience.
2. Apply for Your Contractor Bond
Setting up your New Mexico contractor license bond only takes a few minutes. To begin our easy process, spend a few minutes completing the short online application. If you have questions, our bond experts are happy to assist you.
Felix was eager to get a contractor license, and he contacted us for the required bond. Immediately after completing the bond application, he had a quote to review. Felix got his bond via email, which enabled him to complete the license application. Now, Felix is a successful contractor in Santa Fe.
3. Review Your Bond Quote
Your free bond quote is available immediately after you apply. For applications that are more complex and require additional review, a no-obligation quote is available in 48 hours or less.
4. Buy Your Bond
To complete your surety bond purchase, make your premium payment through our online portal. Your bond will then be processed quickly and emailed to you. We are happy to mail the bond as well, if requested.
Our bond experts are available to assist you as needed. Please contact us or call us at (877) 514-5146.
Apply for your contractor license bond today and lock your rate for 90 days!
Contractor License Bond Requirements in New Mexico
Contractor licenses in New Mexico are managed by the New Mexico Regulations and Licensing Department. The contractor bond requirement is established by NMSA 1978, § 60-13-49.
All contractors licensed under the Construction Industries Division must have a $10,000 surety bond. The obligee for this bond is the State of New Mexico, Regulations and Licensing Department. The total liability against the bond cannot exceed the penal sum.
The surety bond runs concurrently with the contractor’s license term, which is three years. However, the surety company can provide a Continuation Certificate prior to the bond’s expiration date to maintain the bond. This certificate extends the expiration date by three years.
The surety company can cancel the bond by providing a 30-day notice in writing to the obligee’s third-party vendor. To maintain the surety bond, the premium must be paid annually. Payment instructions are provided prior to the due date each year.
Cities and counties across the state also have surety bond requirements for contractors. These include:
|
Surety Bond |
Bond Amount |
Premium |
|
$10,000 |
From $100 |
|
|
City of Albuquerque Contractor Bonds - Excavation Contractor Bond |
$10,000 |
From $100 |
|
City of Albuquerque Contractor Bonds - Sidewalk, Drive-Pad, Curb & Gutter Bond |
$5,000 |
From $100 |
How to Get Your New Mexico Contractor License
The New Mexico Regulations and Licensing Department is responsible for contractor licensing. Our guide can help you learn how to get a contractor license. When applying for your contractor license, you must provide:
- Contractor license application (specific to your trade)
- Surety bond
- Proof of completed courses (specific to your trade)
- Workers’ compensation insurance
- Registration certificate with the Regulations and Licensing Department
- Business entity documentation
- Self-addressed, stamped 9x12 envelope
- Fees
To learn more about New Mexico contractor requirements, contact:
New Mexico Regulation & Licensing Department
Construction Industries Division
2550 Cerrillos Road
Santa Fe, NM 87505
Phone: (505) 476-4700
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
