Debt collection company bond cost
The New Mexico Financial Institutions Division requires collection agencies in the state to post a $5,000 corporate surety bond. Surety Bonds can issue this bond instantly for just $100 without a credit check.
Why this bond
Collection agency corporate bonds ensure that principals (collection agencies) will adhere and comply with all provisions of the New Mexico Collection Agency Regulatory Act. If the principal violates any of the given provisions, a claim can be made against the bond.
Debt collection company bond details
The principal’s signature on the bond form must be witnessed by a licensed notary public. The bond is to be maintained until the principal’s license is withdrawn, terminated or revoked. If the bond is otherwise canceled, the surety must send a written cancellation notice to the Director of the Financial Institutions Division at least 30 days before the cancellation date.
Become a collection agency
All applications must be submitted to the Financial Institutions Division. The following information and documentation must be provided along with the application:
- Financial statement
- Disclosure of affiliated business entities
- $5,000 surety bond
- Company management information
- $500 application fee
- Applicant’s notarized oath and statement
To renew a license, the debt collection company must submit a renewal application along with a $50 application fee.
Detailed licensing requirements can be found in the “Additional information” section on this page.
Apply for your surety bond
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