Corporate repossessor surety bond cost
The Financial Institutions Division of New Mexico requires repossessor companies to be bonded for $5,000.
Why this bond
New Mexico repossessor company surety bonds ensure that the principal (repossessor company) complies with all provisions, rules and regulations stated in the Collection Agency Regulatory Act, NMSA 1978, Chapter 61, 18A. This bond also serves as an indemnity to any person who suffers damages or loss due to the principal’s failure to conduct ethical and lawful business.
Corporate repossessor surety bond details
This bond expires when the principal’s license is withdrawn, terminated through non-renewal or revoked by the Director of the Financial Institutions Division.
The surety can cancel the bond at any time by giving written notice of the impending termination to the director. Termination becomes effective 30 days from the receipt of such notice.
Become a repossessor company
To conduct legal business in New Mexico, repossessor companies must provide the following information:
- The applicant’s name and trade name
- The physical address of the main business office
- The name and mailing address of the contact person
- Whether the business is a corporation (New Mexico or foreign), a partnership, a LLC, a registered LLP, a sole proprietorship or other
- A current signed financial statement
- A $5,000 surety bond
- The $250 application fee
- And more
Complete licensing information can be accessed via the Additional information section of this page.
Apply for your surety bond
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- Repossessor’s Company Corporate Surety Bond form
- State of New Mexico Regulation and Licensing Department Financial Institutions Division Application for Original Repossessor
- State of New Mexico Regulation and Licensing Department Financial Institutions Division Renewal Application for Repossessor License
- New Mexico Regulation and Licensing Department Financial Institutions: Overview
- New Mexico Regulation and Licensing Department Financial Institutions Collection Agencies, Managers and Repossessors: Forms and Applications