New Mexico Escrow Company Bond |
AmeriPro Surety Bonds | 844-589-9732
AmeriPro Surety Bonds provides the New Mexico escrow company bond for both first-time applicants and currently licensed applicants who need to renew their surety bond.
Escrow Companies – New Mexico
Escrow companies which operate in New Mexico fall under the jurisdiction of the New Mexico Regulation and Licensing Department, Financial Institutions division.
Escrow companies hold funds as a disinterested third party until the funds have been agreed to be transferred from one destination to the other.
New Mexico Escrow Company Act
The regulations which govern escrow companies in New Mexico can be found under the 2015 Escrow Company Regulatory Act.
The Act was subsequently amended.
Becoming Licensed as an Escrow Company in New Mexico
Becoming licensed as an escrow company in New Mexico involves all of the following:
- Providing the name, addresses, and contact information of all officers of the escrow company;
- Detailing the qualifications of the owners in the company;
- If the New Mexico escrow company is a corporation, providing a copy of the articles of incorporation;
- Providing an estimation of first-year operating expenses;
- Any other requirements set forth by the Financial Institutions division;
- Obtaining a surety bond for $100,000
New Mexico Escrow Company Bond; Premium
The New Mexico escrow company bond is for $100,000, and the bond serves as a sort of dishonest employee bond. Qualified applicants will pay just $500 annually. Additionally, the bond can be prepaid up to 3 years. Prepayment of the bond allows for less frequent renewals and a savings over year to year of the bond’s premium.
The premium breakdown and savings are as follows:
- If prepaid for 2 years, the premium is $900, a $100 savings;
- If prepaid for 3 years, the premium is $1300, a $200 savings.
Otherwise, your bond will renew annually on the anniversary date of its being made active.
Purpose of the New Mexico Escrow Company Bond
The New Mexico escrow company bond is a protection for the public— or customers of the New Mexico escrow company — in case there are any acts of theft, fraud, or other criminal activity involved in the conduct of the escrow company, and/or its employees.
The bond serves as a guarantee that should customers be victims of wrongful activity, they will be compensated for their loss.
Cost of the New Mexico Escrow Company Bond
The cost (or premium) of this surety bond may be as low as $1,500, if done with standard processing, or $500, if you qualify.
The bond is issued and renews on an annual basis.
The cost of the bond is based on a credit check of the applicant, and, to a lesser extent, the company’s history in the escrow business.
Since the New Mexico escrow license renews on July 1st of each year, it’s important to maintain the surety bond in conjunction with the active license, to prevent any lapse in surety bond coverage.
Regardless of an applicant’s credit score, as our customer please be assured that AmeriPro Surety Bonds will work to get the best pricing for any surety bond.
Qualifying Without a Credit Check
An applicant for the escrow company surety bond for New Mexico, may qualify without a credit score check and for $500 annual premium, if you can certify to all of the following:
- That you have never been convicted of a felony;
- That no businesses owned or controlled by you have declared bankruptcy or become insolvent;
- That you have never had a surety bond claimed, denied, or terminated;
- That you have no unsatisfied judgments, liens, or lawsuits for any company you own or are in control of;
- That the surety bond you are purchasing is not intended to guarantee protection against environmental or pollution exposure;
- Finally, that you been in the same business, under the same name, and with the same ownership for at least 3 years.
If you qualify, the price for this bond will be as follows:
- $500 for 1 year;
- $900 if prepaid for 2 years;
- $1300 if prepaid for 3 years.
Further Information on New Mexico Escrow Company Licensing:
You may contact the licensing department for questions about new and renewal licenses for New Mexico escrow companies at:
New Mexico Regulation and Licensing
2550 Cerrillo Road
Santa Fe, NM 87505
About AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bonds-only company which provides license and permit, contractor, and fidelity surety bonds of all types throughout New Mexico.
We also provide surety bonds in all 50 states.
Get the best pricing for your surety bond by calling us at: 844-589-9732