Not in New Mexico? Browse bonds by state

New Mexico repossessor company bonds.
From $100.

New Mexico requires a repossessor company to file a $5,000 surety bond with the Financial Institutions Division before a license issues, under the Collection Agency Regulatory Act (§61-18A-15). Pricing is 1% of the bond amount, $100 minimum — the application collects no credit information.

✓

Required before a NM repossessor (or collection agency) license issues under §61-18A-15

✓

Statutory amount is $5,000 — priced at 1% of the bond amount, $100 minimum

✓

From $100 — your exact price appears at the application

1% rate$100 minimumNo SSNin the applicationFastinstant underwriting

Trusted by industry leaders

How it works

Three steps. One sitting.

No underwriting queue for the standard repossessor bond — enter your amount, pay, and file with the Financial Institutions Division. Here is the whole thing:

TODAY · ONLINE

Apply online

Your business details, the $5,000 bond amount, and the effective date — that is the entire application.

INSTANTLY

Issued on the spot

Most applications approve instantly — the executed bond is generated as soon as you pay. If a check runs, it is a soft pull that never affects your score.

SAME DAY

File with the Financial Institutions Division

Submit the executed bond with your repossessor license application or renewal. Wet-ink originals mailed whenever the Division insists.

About this bond

What it is and who needs it.

What the repossessor bond actually covers

New Mexico regulates repossessor companies and collection agencies under the Collection Agency Regulatory Act, administered by the Financial Institutions Division of the Regulation and Licensing Department. Before a repossessor or collection license issues — or renews — the applicant must file a $5,000 surety bond.

The bond runs to the people of the State of New Mexico and provides for suit by any person who has a cause of action under the Collection Agency Regulatory Act or the rules under it. In practical terms, it stands behind your honest, lawful conduct in repossessing collateral and handling the property and money involved.

It is not insurance for you — if the surety pays a claim, you repay the surety. This is a license bond with a fixed statutory amount. Pricing is 1% of the bond amount, with a $100 minimum, and the application collects no credit information.

NMSA 1978 §61-18A-15 (Collection Agency Regulatory Act)NMSA 1978, Section 61-18A-15 requires, prior to issuance of any collection agency or repossessor license or renewal, a surety bond in the penal sum of $5,000 to be filed with the Financial Institutions Division. The bond runs to the people of the State of New Mexico, is executed by the applicant as principal and a surety authorized in New Mexico, and provides for suit by any person who has a cause of action under the Collection Agency Regulatory Act or rules under it. Confirm the current amount and form on your Financial Institutions Division application.

You need this bond if you are

✓

A repossessor company applying for or renewing a license with the Financial Institutions Division

✓

A collection agency subject to the same $5,000 bond under the Collection Agency Regulatory Act

✓

Re-applying after a lapse that requires a fresh bond on file

✓

Expanding into New Mexico from another state and licensing here

One application, issued on the spot.

Submit the application at the $5,000 statutory amount — the executed bond is generated instantly, ready to file with the Financial Institutions Division.

Start the application →

FAQ

Common questions.

How much is the New Mexico repossessor company bond?The statutory bond amount is $5,000, and pricing is 1% of the bond amount, $100 minimum — at $5,000, that's $100. The $5,000 is the surety's maximum liability, not a deposit.

Who requires this bond?The New Mexico Financial Institutions Division, as a condition of a repossessor (or collection agency) license under the Collection Agency Regulatory Act (§61-18A-15). The bond must be on file before the license issues or renews.

Is this a credit-underwritten financial bond?No. It is a fixed $5,000 occupational license bond running to the people of New Mexico, not a credit-line guarantee. The application collects no credit information, and most applications approve instantly.

What does the bond protect against?It backs your lawful conduct under the Collection Agency Regulatory Act. Any person with a cause of action under the Act can sue on the bond — and if the surety pays, you repay the surety.

What if my paperwork shows a different amount?The statute sets $5,000, but always file the amount named on your Financial Institutions Division application. If it differs, enter that figure and your exact price appears at the application: 1% of the bond amount, $100 minimum.

Which A-rated carriers underwrite these bonds?Typically Arch Insurance Company (A.M. Best A+) or Nationwide Mutual Insurance Company (A.M. Best A). Which one writes your bond depends on the bond type and your state. The carrier's name and official signature are printed on the bond you receive.

How do I contact Light RFP about this bond?Email insurance@lightrfp.com. It reaches the bond team at Light RFP Risk Management Services LLC (NY DFS License # PC-1978982). Write to us about quotes, applications, bond forms or certificates. We will respond within 24 hours.

Related bonds

Other New Mexico bonds.

Repossessor bond, issued today.

Pricing from $100. File with the Financial Institutions Division the same day.

Start application

Your premiumfrom $100

Apply now →