New mexico collection agency application

New Mexico Collection Agency Licensing Requirements:

License Required:
Yes

Surety Bond:
$5,000 minimum – based on volume

Licensing Fee:
$500 – original collection agency or branch
$300 – renewal collection agency or branch
$100 – examination fee for manager’s license
$50 – manager renewal

Exemption:
For out-of-state collectors: Out-of-state agency is exempt if [1] collecting by interstate means |phone, fax, mail|; and [2] debt was incurred outside the state of New Mexico.

If your business is providing debt collection services in the State of New Mexico (NM), you may be required to have a Collection Agency License issued by the Financial Institutions Division.

To obtain (and maintain) this license, the State requires an application, a $500 fee*, a surety bond, extensive supporting documentation, and annual renewals.

Furthermore, the State may reject your application if you have not met certain prerequisites** prior to submission.

*This fee may have changed since this page was last updated.
**Prerequisites may include registering with the NM Secretary of State and/or obtaining an Operator/Manager License.