What is a New Mexico Repossessor Company Corporate Bond?
Required by the Financial Institutions Division of New Mexico, the New Mexico Repossessor Company Corporate Bond is a manifestation of compliance guaranteeing strict adherence to all provisions, rules, and regulations stated under Chapter 61, 18A of the Collection Agency Regulatory Act, NMSA 1978.
Why do you need the New Mexico Repossessor Company Corporate Bond?
You need a New Mexico Repossessor Company, Corporate Bond because you want to enhance your image, add prestige to your name, and be known as a trustworthy repossessor. You also need this bond for you to shield your business name from dishonest acts committed by your employees.
Likewise, the bond can make your company appear very attractive to customers because they will naturally want to hire the services of a repossessor company that they can trust. Finally, the New Mexico Repossessor Company Corporate Bond can assure you the peace of mind you need knowing fully well that if an employee conducts himself in an unethical manner, the aggrieved client or partner can demand financial damages without harming your business assets.
More details about the New Mexico Repossessor Company Corporate Bond
The New Mexico Repossessor Company Corporate Bond shall remain enforceable until invalidated by the chosen surety company. The surety firm may revoke the bond only upon written notice thru certified mail to the Principal and to the Director, in which case the Bond shall be considered void upon the expiration of thirty (30) days from the time it was received by the Director of such written notice together with sufficient evidence of notice to the Principal. Termination shall not upset any accountability acquired or accumulated before the termination of the 30-day period and the claimant has three (3) years within which to file a claim against the bond.
Notwithstanding the number of claimants, the amount of the claims, or the number of years, the bond remains operational, and the cumulative accountability of the surety firm on this bond shall be restricted to the payment of the surety bond amount being laid down in the bond contract.
What is the cost of the New Mexico Repossessor Company Corporate Bond?
The New Mexico Repossessor Company Corporate Bond is for $5,000. The premium payment amount of this bond is immensely dependent on the repossessor’s credit history and financial standing. If without previous criminal liabilities and repossessor holds excellent business credentials and has an outstanding track record in the industry, the licensee is bound to pay a lesser premium amount compared to that of someone who has committed felonies in the past or has a low credit mark.
How can I get the New Mexico Repossessor Company Corporate Bond?
Procuring this bond is effortless. For faster processing and reliable outcomes, be wise in choosing a legitimate surety bond agency by researching and checking on their background and track record. With a dependable surety organization behind you, protecting your business, your clients, and your shareholders will be easy and economical.