A New Mexico bill that was recently enacted will require a surety bond of the New Mexico Work and Save Board.
Details on the New Requirement
The new bill, titled NM H 44 and effective 05/20/2020, enacts the New Mexico Work and Save Act and create a New Mexico Work and Save Board administratively attached to the office of the state treasurer to encourage participation, saving, sound investment practices and appropriate selection of investment options in the private sector.
The board must, among other things, provide a blanket surety bond for all employees and board members in an amount as determined by the board and conditioned on the faithful performance of the duties of each employee during the employee’s employment and each board member during the board member’s term of office.
How to Apply for a Surety Bond
If you find that you must obtain this surety bond, you’ll need to contact a bond provider who is licensed to to business in New Mexico. JW Surety Bonds is licensed nationwide, so please apply for a free quote online, or feel free to reach out to us if you’d like assistance with obtaining this bond.