The bail bond industry is heavily regulated in the state of New Mexico. Licensing requirements for agents, in particular, are covered by extensive statutory regulations

Licensing Requirements for Agents

Where a license is required the application shall be signed by the applicant, under oath if required by the form, and by or on behalf of the proposed principal where expressly required in the form.

The application form may require information about applicant as to:

1. Name, date of birth, social security number, residence and business address if applicable;

2. Personal history, business experience in general;

3. Experience or special training or education in the kind of business to be transacted under the license applied for;

4. Previous licensing;

5. Type of license applied for and kinds of insurance or transactions to be covered thereby;

6. Proof of applicant’s identity; and

7. Such other pertinent information and matters as the superintendent may reasonably require.

• Application for license as bail bondsman shall be accompanied by appointment of the applicant by the proposed principal as solicitor or agent, as the case may be, subject to issuance of the license applied for.
• In all such appointments the principal or principal’s representative if so required by the superintendent shall certify in writing as to his knowledge of the applicant, as to applicant’s residence, experience had or special training received or to be given as to business to be transacted under the license, applicant’s business and personal reputation, whether applicant is trustworthy and worthy of licensing, and whether satisfied that applicant intends in good faith to engage in the business to be covered by the license, and appointment of applicant is not to enable applicant to evade the intent or spirit of any controlled business, anti-rebate or anti-discrimination law or other law.
• The application shall be accompanied by the applicable license application filing fee specified in (R. bail bondsmen –

1. Filing application for original license as bail bondsman or solicitor, and issuance of license, if issued ….. $30.00

2. Examination for license conducted directly by superintendent, each instance of examination, $50.00

 

Statutory Rates (Premium must be charged in accordance with PSC -S3GA filed rates for this state.)

Premium Rate:  12%

Minimum Premium:  $60

Federal Rate:  12%

Department of Insurance

Collateral - Mortgage Form
State Surrender Time - 180 Days
Remission – Not Applicable

State Fees Per Bond - 2% of Liability of bond

(must be added to price quote)
Sheriff's Fee: $30 per bond