New Mexico Employee Leasing Program Bond |
AmeriPro Surety Bonds | 844-589-9732
New Mexico Employee Leasing Program
Known in most places as an ‘employment agency’, in New Mexico, these companies are referred to as ‘employee leasing programs’.
In both cases, these companies match employers with employees, and vice versa, who are seeking either part-time work or full-time work.
Such jobs can sometimes lead to going “direct” with the contracted company; that is, an employer will sometimes hire a candidate from an employee leasing program after a specified amount of time.
New Mexico Leasing Program: Jurisdiction
Employee leasing program companies come under the jurisdiction of the New Mexico Regulation and Licensing Department .
It is required that businesses first register as leasing program in the state before beginning operations.
Becoming Licensed as a New Mexico Employee Leasing Program
Applicants who wish to form a New Mexico employee leasing program company must do the following:
* They must pay a $1,000 fee made payable to the employee leasing program;
* They must hold workers compensation insurance;
* In addition to this, they must obtain a $100,000 surety bond .
Of important note is that the New Mexico employee leasing program license renews annually.
New Mexico Employee Leasing Program Bond: The Basics
New Mexico requires an employee leasing program company to obtain a $100,000 surety bond to be filed with the state licensing department.
The $100,000 New Mexico employee licensing program bond will renew on an annual basis.
New Mexico Employee Leasing Program Bond: The Purpose
The New Mexico employee leasing program bond is not an insurance policy for the employee leasing company.
The bond protects others — employers and employees, for instance, who may be victims of fraud, theft, or acts of malfeasance committed by the employee leasing company.
Were a claim to be paid on the surety bond, it would be the responsibility of the leasing company to reimburse the surety company for all costs involved.
New Mexico Employee Leasing Program Bond: The Cost
This $100,000 New Mexico leasing program bond may have an annual premium as low as $1000; however, the premium paid for this surety bond is contingent upon an applicant’s credit score.
The premium also renews on an annual basis and the amount due is calculated based upon the credit scoring at that time.
In all cases, AmeriPro Surety Bonds will work to provide you the best pricing available.
AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bond-only company which provide contractor, license and permit (the New Mexico employee leasing program bond is a ‘license and permit bond’) and fiduciary bonds throughout New Mexico.
We also provide surety bonds throughout all of the United States.