Types of Surety Bonds: New Mexico Surety Bond Requirements
There are three types of surety bonds that can be required of you:
- License and permit bonds needed for many professions such as contractors and mortgage lenders to operate legally.
- Contractor bonds for public construction projects.
- Court bonds required by the courts for various purposes.
It’s important you understand how surety bonds work and that you're responsible to pay claims in full, which makes it crucial to find a bond company that will defend you from claims.
Getting License and Permit Bonds
New Mexico requires license and permit bonds in order to get and file licenses/permits for many different lines of business. You can find the full list of license and permit bonds required by using our bond requirement search tool below.
License & Permit Bond Search
| New Mexico Appraisal Management Company Registration Bond | Real Estate Appraisers Board | Santa Fe | Apply |
| New Mexico Collection Agency Corporate Bond | Finance Institutions Division | Santa Fe | Apply |
| New Mexico Contractor License Bond | Construction Industries Division | Santa Fe | Apply |
| New Mexico Contractor License Code Bond | Construction Industries Division | Santa Fe | Apply |
| New Mexico Contractors Tax (Single Contract) Bond | New Mexico Taxation & Revenue Department | Albuquerque | Apply |
| New Mexico Contractors Taxation Surety Bond | State of New Mexico | Albuquerque | Apply |
| New Mexico Driver Training School Bond | DOT - Traffic Safety Bureau | Albuquerque | Apply |
| New Mexico Employee Leasing Company Bond | New Mexico Regulation and Licensing Department | Albuquerque | Apply |
| New Mexico Employee Leasing Program Bond | New Mexico Regulation and Licensing Department | Albuquerque | Apply |
| New Mexico Installer and/or Repairman License Bond | NM Manufactured Housing Division | Santa Fe | Apply |
| New Mexico Insurance Adjusters Surety Bond | New Mexico Public Regulatory Commission Licensing | Santa Fe | Apply |
| New Mexico Modular Structure Certification Bond | New Mexico Regulation & Licensing Dept | Santa Fe | Apply |
| New Mexico Mortgage Loan Company Bond | Director,Financial Institutions Division, Regulation and Licensing Dept | Santa Fe | Apply |
| New Mexico MORTGAGE LOAN COMPANY CORPORATE SURETY BOND | State Of New Mexico | Santa Fe | Apply |
| New Mexico PRIVATE INVESTIGATOR OR PRIVATE PATROL OPERATOR LICENSE Bond | State of New Mexico | Santa Fe | Apply |
| New Mexico Private Postsecondary Institution Bond | New Mexico Higher Education Department | Santa Fe | Apply |
| New Mexico Professional Fund Raisers Bond | New Mexico - Office of the Attorney General | Albuquerque | Apply |
| New Mexico Professional Fundraiser Bond | New Mexico - Office of the Attorney General | Albuquerque | Apply |
| New Mexico Promoters of Professional Athletic Events Bond | State Athletic Commission | Albuquerque | Apply |
| New Mexico Repossessor's Company Corporate Bond | Regulation and Licensing Department | Santa Fe | Apply |
| New Mexico Service Contract Provider Bond | STATE OF NEW MEXICO | Santa Fe | Apply |
| New Mexico Title Service Company Bond | Motor Vehicle Division | Santa Fe | Apply |
| New Mexico Utility Deposit Bond | Public Service Company of New Mexico | Albuquerque | Apply |
| New Mexico Vehicle Dealer or Auto Recycler Bond | Motor Vehicle Division | Santa Fe | Apply |
Getting Contract Bonds for Jobs
Contract bonds such as bid and performance bonds are needed to work on public construction projects. However, these are usually required by cities or municipalities as opposed to the state. You can learn more about what’s needed to get surety bonds for construction projects.
Getting Court Bonds in New Mexico
Court bonds aren’t needed as often as the bonds mentioned above, but can be required by the courts if you need to appeal a court decision, become a legal guardian of a minor or operate as a fiduciary of an estate.
How Much Does a New Mexico Surety Bond Cost?
Surety bonds generally cost 1-15% of the required bond amount. Costs vary significantly depending on the bond amount you need and your rate (which is the percentage of the full bond amount you must pay). You can get an instant estimate by using our bond premium calculator, or apply online to get a firm bond quote.
Can You Get New Mexico Surety Bonds with Bad Credit?
It’s possible to get surety bonds with bad credit, but it will depend on the bond type you need and how severe your credit issues are. You can get approved for most license and permit bonds with bad credit. However, it is more difficult to get contract bonds with credit issues.
