Who requires it
Financial Institutions Division — Money transmission
License & permit · New Mexico
New Mexico Money Transmitter Bond
New Mexico money transmission licensees under the Uniform Money Services Act must keep a surety bond, letter of credit, or similar security the director accepts. NMSA 1978 § 58-32-203 sets the amount at the greater of $300,000 or 1% of yearly New Mexico money-transmission volume—or the applicant’s projected first-year volume—capped at $2,000,000. The security protects people with claims against the licensee’s money-transmission obligations.
Common bond amount
$300,000–$2,000,000
Greater of $300,000 or 1% of yearly (or projected first-year) New Mexico volume; maximum $2,000,000 (NMSA 1978 § 58-32-203).
How you file
Surety, letter of credit, or director-acceptable security
Renewal
Keep the bond active while licensed. After you leave, keep coverage for 5 years unless the director allows an earlier reduction.
Who requires it
Applicants for and holders of a New Mexico money transmission license under article 2 of the Uniform Money Services Act (chapter 58, article 32).
How much is required
Section 58-32-203 compares three hundred thousand dollars against one percent of yearly New Mexico dollar volume (or projected first-year volume for new applicants) and takes the greater amount, stopping at two million dollars.
How to get and file it
Confirm the required amount from your New Mexico volume (or first-year projection), then have an admitted surety submit an electronic surety bond—or arrange an accepted letter of credit or similar device—through the Financial Institutions Division NMLS path. Keep the security in place while licensed. After you leave New Mexico money services, keep it available for claims for at least five years unless the director allows an earlier reduction tied to outstanding payment instruments or stored-value obligations.
Cost note
Three hundred thousand to two million dollars is the required bond amount, not the premium you pay. See bond amount vs premium. Bond amount vs premium →
Requirement checklist
- Minimum
- $300,000
- Volume formula
- 1% of yearly New Mexico money-transmission dollar volume (or projected first-year volume)
- Maximum
- $2,000,000
- After you leave
- Keep coverage available for claims for at least five years, unless the director allows an earlier reduction
Official sources
Related resources
Frequently asked questions
Is $300,000 always enough for a New Mexico money transmitter?
Only if one percent of your yearly (or projected first-year) New Mexico money-transmission volume is $300,000 or less. Otherwise the amount equals that one-percent figure up to $2,000,000.
Can I use a letter of credit instead of a surety bond?
Yes. Section 58-32-203 accepts a surety bond, letter of credit, or other similar security satisfactory to the director.
Related New Mexico bond guides
Mortgage Lender Bond
$50,000 / $100,000 / $150,000
New Mexico mortgage loan companies must post and maintain a surety bond with the Financial Institutions Division under NMSA 1978 § 58-21-7. New licenses start at fifty thousand dollars. On renewal, the amount steps to fifty thousand, one hundred thousand, or one hundred fifty thousand dollars based on annual New Mexico mortgage origination volume. Mortgage loan originators follow the same volume schedule under § 58-21B-17, but employees or exclusive agents of a licensed company may use the company’s bond instead of posting separately.
Collection Agency Bond
$5,000–$25,000
New Mexico collection agencies and repossessors must file a surety bond with the Financial Institutions Division before a license issues or renews. NMSA 1978 § 61-18A-15 sets a five-thousand-dollar amount that the director may increase. 12.24.2 NMAC sizes renewals at the greater of five thousand dollars or two months’ average proceeds due clients from the prior licensing year, ordinarily capped at twenty-five thousand dollars unless the director requires stronger protection.
Contractors Bond
$10,000
New Mexico Construction Industries Division contractor licenses require a ten-thousand-dollar surety bond as proof of responsibility. NMSA 1978 § 60-13-49 and 14.6.3 NMAC apply that single amount on initial licensure and renewal. Contractor classifications—general building, general engineering, electrical, mechanical, and others—authorize different scopes of work, but they do not create different statewide bond amounts. Bond proceeds cure division-certified code violations the licensee caused and failed to correct.
Surety basics (not repeated here)
Universal surety concepts explained once—linked here instead of repeated on every state or bond page.
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Last verified 2026-08-11. This guide is based on verified educational content and official sources.
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