Contractor License Bond in New Mexico
$10,000 bond. Plain-English requirements, filing process, and what you should expect to pay.
What this bond requires in New Mexico
14.6.3 NMAC provides that upon initial licensure and as a condition of renewal each applicant shall furnish to the division a bond in the amount of ten thousand dollars ($10,000) acceptable to the director and underwritten by a corporate surety authorized to transact business in New Mexico. The bond applies to all CID contractor classifications, including GB-98 General Building Contractor under 14.6.6 NMAC. Violation of the financial responsibility requirement is grounds for disciplinary action. New Mexico contractor licenses are issued on a three-year renewal cycle.
Who requires it
The contractor license bond is required by the New Mexico Construction Industries Division (CID), Regulation and Licensing Department under 14.6.3 NMAC (Contractor License Requirements - Proof of Financial Responsibility); NMSA 1978, §§ 60-13-1 to 60-13-59 (Construction Industries Licensing Act).
How to file in New Mexico
Submit the contractor license application to the Construction Industries Division (CID) of the New Mexico Regulation and Licensing Department, selecting the GB-98 (General Building) classification or other applicable scope under 14.6.6 NMAC. Provide qualifying-party experience documentation, pass the trade and business/law exams, and file a $10,000 corporate surety bond on the CID-approved form from a surety authorized in New Mexico. The bond must remain in force as a condition of renewal every three years.
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Common questions
Is a contractor license bond required in New Mexico?
Yes. New Mexico requires contractor license bonds issued by an admitted surety. The required amount is $10,000.
How much is the bond in New Mexico?
The bond amount is $10,000. Your annual premium is a small percentage of that, based on credit and experience.
Who requires the bond?
The bond is required by the New Mexico Construction Industries Division (CID), Regulation and Licensing Department.
How is the bond filed?
Submit the contractor license application to the Construction Industries Division (CID) of the New Mexico Regulation and Licensing Department, selecting the GB-98 (General Building) classification or other applicable scope under 14.6.6 NMAC. Provide qualifying-party experience documentation, pass the trade and business/law exams, and file a $10,000 corporate surety bond on the CID-approved form from a surety authorized in New Mexico. The bond must remain in force as a condition of renewal every three years.
What does the bond cover?
Surety bonds protect the obligee, not the principal. If you fail to meet the obligation the bond guarantees, the surety pays the claim and recovers from you.
Is a surety bond the same as insurance?
No. Insurance protects you. A surety bond protects whoever required the bond. You repay the surety for any claim they pay.
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Same bond, other states
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
Other bonds in New Mexico