New Mexico Money Transmitter Bond
Bond Range and Estimated Premiums
| Bond Amount Range | Estimated Premium (1.5%- 3%) | Source |
| $100,000- $500,000 | $1,000- $5,000 | NMLS |
Companies and individuals engaged in money transmission in New Mexico must be licensed to sell or issue payment instruments or stored value or receive money or monetary value for transmission. Required by the State of New Mexico, the money transmitter bond guarantees compliance with the Uniform Money Services Act and helps protect eligible claimants from financial loss.
Summary of Requirement & Cost of the New Mexico Money Transmitter Bond
Companies and individuals engaged in money transmission in New Mexico must be licensed to sell or issue payment instruments or stored value or receive money or monetary value for transmission. Required by the State of New Mexico, the money transmitter bond guarantees compliance with the Uniform Money Services Act and helps protect eligible claimants from financial loss. The cost of the New Mexico money transmitter bond varies based on the required bond amount and underwriting. Complete the quote form above to get your bond premium.
How the New Mexico Money Transmitter Bond Works
The money transmitter bond helps protect eligible claimants by guaranteeing that licensed money transmitters faithfully perform their obligations under the New Mexico Uniform Money Services Act.
The bond involves three parties:
Principal: Money transmitter
Obligee: State of New Mexico
Surety: Bonding company
A claim against the bond may be filed when the money transmitter fails to meet covered obligations under state law. The principal is responsible for reimbursing the surety for valid covered claims paid under the bond.
How to Get the New Mexico Money Transmitter Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete the quote form above.
- Pay the required bond premium.
- Receive the bond form via email.
- Download and file the bond with the appropriate New Mexico licensing authority.
Learn more about your New Mexico surety bond options across the state.
Get Your New Mexico Money Transmitter Bond
Meet your New Mexico money transmitter bonding requirement with help from NNA Surety. Complete the quote form above to get started and secure the bond required for your license.