New Mexico Surety Bonds Overview
Bryant Surety Bonds is authorized to offer all types of New Mexico surety bonds. Our clients will benefit from our partnerships with over 20 A-rated and T-listed surety companies in the U.S., all of whom have been selected for their financial stability and trustworthiness.
For our clients, this means that they always get a surety bond from a top provider, so any obligee will happily accept it. It also means that applicants with a low credit score can get bonded by the same excellent surety bonds companies through our Bad Credit Program.
You can view a full list of New Mexico surety bonds in the table below. If you’re ready to apply, you can locate the bond you need and click the “Apply Now” button. If there are any considerations or questions you want to address, just call us at (866) 450-3412.
Below the table, we provide more information on surety bonds in New Mexico. If you’re unfamiliar with surety bonds, be sure to read our “What is a Surety Bond?” page.
Find the Bond You Need
The table below contains a list of only the most popular surety bonds. If you can't find yours, fill out our online application and select "Not in the list".
Contractor License Performance & Payment (State) BondConstruction Industries DivisionContractor License
Contractor License Performance & Payment (State) BondNM Manufactured Housing DivisionInstaller and/or Repairman License
Contractor License Performance & Payment (State) BondConstruction Industries DivisionContractor License Code Bond
Contractor License Performance & Payment (State) BondNew Mexico Regulation & Licensing DeptModular Structure Certification Bond
Contractor License Performance & Payment (State) BondSTATE OF NEW MEXICOService Contract Provider Bond
Collection Agency BondFinance Institutions DivisionCollection Agency Corporate Bond
Professional Fund Raisers BondNew Mexico - Office of the Attorney GeneralProfessional Fund Raisers Bond
Insurance Adjusters BondNew Mexico Public Regulatory Commission LicensingInsurance Adjusters Surety
Mortgage Broker (1st & 2nd Mortgages) BondDirector,Financial Institutions Division, RegulatiMortgage Loan Company
Mortgage Lender/Banker (1st & 2nd Mort.) BondState Of New MexicoMORTGAGE LOAN COMPANY CORPORATE SURETY BOND
Auto & Mobile Home Dealers (New & Used) BondMotor Vehicle DivisionVehicle Dealer or Auto Recycler
Auto & Mobile Home Dealers (Used Only, No New) BondMotor Vehicle DivisionVehicle Dealer or Auto Recycler
Motor Vehicle (Non-Dealer, Not Listed) BondMotor Vehicle DivisionTitle Service Company Bond
Sport Permits BondState Athletic CommissionPromoters of Professional Athletic Events
Detectives BondState of New MexicoPRIVATE INVESTIGATOR OR PRIVATE PATROL OPERATOR LI
Employment Agencies BondNew Mexico Regulation and Licensing DepartmentEmployee Leasing Company
Professional Licenses (All Other) BondNew Mexico Regulation and Licensing DepartmentEmployee Leasing Program
Schools (All) BondDOT - Traffic Safety BureauDriver Training School
Schools (All) BondNew Mexico Higher Education DepartmentPrivate Postsecondary Institution Bond
Contractors Tax (Single Contract) BondState of New MexicoContractors Taxation Surety
Contractors Tax (Single Contract) BondNew Mexico Taxation & Revenue DepartmentContractors Tax (Single Contract) Bond
Utility Deposit BondPublic Service Company of New MexicoUtility Deposit Bond
Telemarketing/Phone Solicitor BondNew Mexico - Office of the Attorney GeneralProfessional Fundraiser
Repossession Agent BondRegulation and Licensing DepartmentRepossessor's Company Corporate
Appraisal ManagementState of New MexicoAppraisal Management Company Registration
Types of Surety Bonds in New Mexico
Surety bonds, regardless of the state, can be divided into three main categories. It’s important to learn more about each one of them and the cases in which you may need each bond.
New Mexico License Bonds
The first category of surety bonds can be referred to by several different names: license bonds, license and permit bonds, or commercial bonds. As the name implies, license bonds are a mandatory requirement for certain businesses, without which they cannot hold a business license. A license bond has different purposes, but it’s most often a way to regulate businesses and make sure they conform to certain rules.
For example, auto dealerships must be bonded in most cases. Auto dealers in New Mexico need to post a New Mexico auto dealer bond, which guarantees compliance with state laws and regulations. It also protects car buyers in the state. Without it, their licenses are considered invalid.
New Mexico Construction Bonds
This is a category of surety bonds pertaining only to construction contractors. Regardless of where you were registered as a contractor, if you work on a public project in New Mexico, you will usually need a construction bond before you place a bid. Sometimes private project owners may require construction bonds for work on their projects too.
Simply put, construction bonds protect the project owner and their investment, whether it’s the state or a private entity. Several types of construction bonds may be necessary, depending on the type of work you do.
Bid bonds are submitted along with the bid and guarantee that, in case you win the bid, you will take on the project and do it the way you described in the contract. Performance and payment bonds, on the other hand, might be necessary once you start working on the project. They make sure everything goes smoothly, i.e. that the contractor will not default, the project will be completed as agreed, and that all subcontractors, laborers and suppliers will receive timely pay.
New Mexico Court Bonds
This is the last category of surety bonds you need to know about. Court bonds might be required from a New Mexico court to guarantee the financial integrity and rightful conduct of one party during the proceeding and beyond.
An example of a court bond is the fiduciary bond, needed when someone is appointed guardian or fiduciary to another party’s funds. Another type of court bond, designed to discourage individuals for appealing court judgments without cause, is called an appeal bond. If the original judgment is kept, the appeal bond guarantees that the individual will pay what they were mandated to.
Surety Bond Cost in New Mexico
We make it easy for you to calculate your surety bond costs in advance. On your right side you can find a cost calculator, which will give you a rough estimate of how much your New Mexico surety bond will cost.
Each surety bond has a total bond amount listed on it. It refers to the amount up to which a business or an individual can be liable in case of a bond agreement breach and a successful claim against them. For example, if a New Mexico auto dealer sells a defective car to a client, and the client launches a successful claim, the dealer might be liable for up to $50,000 because that’s the amount listed on the bond. Total bond amounts are set by the obligee, i.e. a state or a local government or regulatory agency.
Luckily, those who need a surety bond in New Mexico, do not have to post the full bond amount in order to obtain the bond. Instead, they pay what is called a bond premium to the surety underwriter. The premium is just a fraction of the total bond amount and is set by the surety. What type of premium the surety will ask from an applicant depends mostly on their personal credit score. Some other factors can also play a role in premium calculation:
- Financial strength
- Personal assets and liquidity
- Years of experience
If an applicant’s credit score is strong, they will likely qualify for the standard market rate of between 1% and 4% of the total bond amount.
Things are a bit more complicated for applicants with low credit scores. Surety bonds companies assume that these applicants pose a higher risk of claims and default. Since a bonding company carries legal responsibility for your claims, they will want to offset the higher risk with a higher premium on the bond.
Some bonding companies may even refuse to get an applicant bonded based on their credit score. Luckily, Bryant Surety Bonds offers a Bad Credit Surety Bond Program through which we get the majority of applicants bonded, using our usual financially strong bond providers. Premiums for bad credit applicants can go up to 15%.
Visit our Surety Bond Cost page where you can learn all about the factors that determine your bond premium, as well as some tips on how to qualify for a lower premium.
How to Get Bonded in New Mexico
Ready to apply for your New Mexico surety bond? We offer a fast and secure online application, which will take you through the whole process in just a few minutes.
All you have to do is fill in a few fields with information about your company, and you’ll be halfway on your way to completing your bonding process. You will receive a bond quote and information about additional documentation we may need you to submit, in order to finalize your application. When we’re done, will send you a copy of the bond via fax or email and the original bond agreement by post.
As always, our surety bonds are there for you– simply call us at (866) 450-3412. We are looking forward to your call!