NM | The New Mexico Department of Insurance has issued a notice of compliance requirements for all Property Bail Bondsmen.
The Bail Bondsmen Licensing Law requires that letters of credit, a surety bond, a certificate of deposit, or securities be maintained on deposit with the Superintendent for the duration of the license and until all bonds that have been posted with all courts become exonerated. The Superintendent must be notified at least thirty (30) days prior to cancellation of a surety bond. Failure to maintain the required bond or deposit shall result in immediate cancellation of the license.
Furthermore, all Property Bail Bondsmen doing business in New Mexico must comply with the following:
- Every license issued under the Bail Bondsmen Licensing Law is at all times the property of the state of New Mexico, and upon any expiration, termination, suspension or revocation thereof the licensee shall promptly return the license to the superintendent for holding (in case of suspension) or cancellation; and
- Any property bondsman who discontinues writing bail bonds during the period for which he or she is licensed shall notify the clerks of the courts with whom he is registered of such discontinuance. Within 30 days after such discontinuance the licensee shall return their license to the superintendent for cancellation.
Forfeiture or termination of the license prior to exoneration of all posted bonds may result in the courts determining that the former bail bondsman shall be held liable for those bonds.
In addition, all Bail Bonds companies must file a final Premium Tax report with the NM Office of Superintendent of Insurance, Financial Audit Bureau.
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