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New Mexico Collection Agency License Guide

In New Mexico, anyone who engages in the business of collecting owed or due debt – either directly or indirectly – is required to obtain a Collection Agency license.


A Collection Agency in New Mexico also refers to creditors who, in the process of collecting their own debts, use a name (other than their own) to indicate that a third person is collecting the debt.


The New Mexico Regulation & Licensing Department - Financial Institutions Division regulates debt collection activity within the State and issues all Collection Agency licenses.

1

You can find all applicable forms on the NM Financial Institutions Division Collection Agencies, Managers, and Repossessors page .


  • Collection Agency License application form is available here .

    • Collection Agency Branch License application form is available here .


A Collection Agency License is required prior to obtaining a branch or operator license.


Note: As document links are updated regularly, they may have expired. If you cannot open the application form from the link, go directly to the Division of Financial Institutions Forms and Applications page .


2

Fulfill Requirements and Obtain Required Documents

To get licensed as a Collection Agency in New Mexico, applicants are required to provide the following:


  • General Applicant Information : Provide information about the name of the legal entity, type of business, designated contact person, etc.


  • State Reference : List all states in which the applicant is, will be, or has been licensed as a Collection Agency.


  • Financial Statement : Provide a financial statement showing that the net worth of the applicant is not less than $10,000.


  • Affiliation with Other Business Entities : Submit a statement or organizational chart showing relationships, interests, and affiliations between the applicant and third parties that they might be connected or affiliated with. Third parties include legal entities (corporations, associations, partnerships, etc.) engaged in passive or active debt collecting or debt-buying activities.


  • Company Management Information : Depending on the type of business, applicants may be required to submit the names and addresses of partners, directors, or officers, as well as the number of shares or units.


  • Disclosure : Applicants must provide an answer to each question of the disclosure section of the application. For each “yes” answer, relevant documentation must be included.


3

Obtain Your NM Collection Agency Bond

In New Mexico, Collection Agency licensees are required to furnish and maintain a corporate surety bond of at least $5,000 or an amount not to exceed $25,000 that is based on average collections.


Note: For each branch location, the bond amount must be increased by $5,000.


  • Bond Amount:

    5,000 - $25,000

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4

License Fees

All fees must be paid with a check or money order made payable to the Financial Institutions Division.


  • Collection Agency Licensing Fee : $500

  • Collection Agency Branch Licensing Fee : $500


5

Submit Your Collection Agency License Application

You can submit your completed NM Collection Agency License application via mail or online.


For online submission, upload a copy of the completed application through the Division’s secure portal Mail Express and send it to [email protected].


For mail submission, send your application (along with all applicable documentation) to:


Mailing Address:
Financial Institutions Division
P.O. Box 25101
2550 Cerrillos Road, 3rd Floor
Santa Fe, NM 87504


Note: The application fee – along with a cover letter including the applicant’s name and contact information – must be sent directly to:

Financial Institutions Division
P.O. Box 25101
Santa Fe, NM 87504


For further information regarding the licensing process, you may contact the New Mexico Financial Institutions Division at (505) 476-4559.



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