New Mexico Escrow Company Corporate Bond
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How much does an escrow company corporate bond cost in New Mexico?
The New Mexico Financial Institutions Division requires escrow companies to post a $50,000 surety bond. Premiums are subject to underwriting, so the best way to find out the amount you will pay is to request a personalized bond quote.
Apply now to get a free, personalized bond quote.
Why do I need this bond?
New Mexico escrow company corporate surety bonds are put in place to ensure that the principal (escrow company) complies with all of the rules and regulations stated in the New Mexico Escrow Company Act. According to these provisions, escrow companies must:
- have a separate ledger for each account
- maintain all disbursements and receipts
- submit tax information to the Director of the Financial Institutions Division
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What’s the fine print?
New Mexico escrow company bonds expire on the same date the escrow company’s license is withdrawn, terminated through non-renewal or revoked by the director. The surety can cancel the bond at any time by providing written notice of cancellation by certified mail to the escrow company and the director. Cancellation goes into effect 30 days after the receipt of said notice.
How to start an escrow company in New Mexico
To become a licensed escrow company in New Mexico, applicants must provide the following:
- escrow company name and d/b/a name
- type of business entity
- names and addresses of any incorporators, directors, officers, partners, owners and managers of the escrow company
- itemized statement of the estimated receipts and expenditures of the proposed first year of operation
- current resumes for all officers and managers of the escrow company
- mailing and contact information for the principal office and the contact person
- $400 licensing fee for the main office location and $200 for each branch location
Begin the licensing process by posting the surety bond you need.
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