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Bond Amount
$10,000
Requiring Entity
State of New Mexico, Regulation and Licensing Department
Underwriting Criteria
Instant Approval (NO CREDIT CHECK OR APPLICATION REQUIRED)
Premium Rate
$100/year
Who is Required to Secure this Bond?
As of July 1, 2009, all new applicants for a contractor license and all existing contractors applying for a license renewal are required to post a $10,000 Consumer Protection Code Bond in New Mexico.
Why is the Bond Required?
The bond is required to satisfy the financial responsibility requirement for licensure in the State and replaces the three previous options for the requirement that existed previously.
Who is Protected Under this Bond?
The New Mexico Contractor License bond is payable to the State of New Mexico, Regulation and Licensing Department and provides protection for consumers receiving services from licensed contractors.
Underwriting Process
The bond is automatically approved upon receipt of applicant’s information and payment of the bond premium. A credit check or signed application are not required for this bond.
What you Need to do Once you Have your Bond?
The original bond must be filed with the State Regulation and Licensing Department once approved and executed. The State will not accept faxed or emailed copies of the bond and the bond must be filed within 30 days of the effective date. Once filed with the State, the bond will remain in effect until cancelled by the surety company or principal.