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 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.
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 involves all of the following:
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:
Otherwise, your bond will renew annually on the anniversary date of its being made active.
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.
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.
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:
If you qualify, the price for this bond will be as follows:
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
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