New Mexico Money Transmitter Bond
Issued for money services businesses licensed in New Mexico, backed by A-rated, Treasury-listed sureties.
Overview
Money services businesses seeking a money transmitter license in New Mexico are required to post a surety bond as part of the state's licensing process. The bond guarantees the licensee's compliance with New Mexico's money transmission statute and protects consumers who use the licensee's services from loss due to insolvency, fraud, or a failure to remit funds as required by law.
Who Needs This Bond
- Licensed money transmitters and payment processors operating in New Mexico
- Remittance companies and digital wallet providers seeking New Mexico licensure
- Multi-state MSBs adding this state to their license footprint
Obligee & Required Bond Amount
Obligee: New Mexico Financial Institutions Division
Required amount: $300,000, or 1% of the money transmitter's total or projected yearly money transmission volume, up to a maximum of $2,000,000.
How This Bond Is Executed
Filing method: Paper bond
Notarization: Not required
New Mexico does not currently accept this bond as an NMLS Electronic Surety Bond, so it must be issued as a physical, wet-signed original. Based on the current bond form, a notarized signature is not required.
How to Get Bonded
Apply
Complete a short application with your business and coverage details.
Get Quoted
We shop the market among A-rated carriers for the most competitive terms.
Get Covered
Sign your agreement and receive your bond or policy, often within a few business days.
Stay Compliant
We track renewal dates so your coverage stays active without a lapse.
Frequently Asked Questions
How much is the New Mexico money transmitter bond?+
$300,000, or 1% of the money transmitter's total or projected yearly money transmission volume, up to a maximum of $2,000,000. This is confirmed against the current statute at the time of your application, since regulators update these figures from time to time.
Who is the obligee on this bond?+
The New Mexico Financial Institutions Division, which is the agency that licenses and regulates money transmitters in New Mexico.
Is this an NMLS e-bond or a paper bond in this state?+
New Mexico does not currently accept this bond as an NMLS Electronic Surety Bond, so it must be issued as a physical, wet-signed original. Based on the current bond form, a notarized signature is not required.
Do I need a separate bond for every state I'm licensed in?+
Yes. Money transmitter bonds are state-specific, so a license in New Mexico requires its own bond naming the New Mexico Financial Institutions Division as obligee, separate from any other state bonds you hold.
How fast can Machaen Insurance Agency issue a New Mexico money transmitter bond?+
Once your financials and license application details are in hand, we can typically issue an NMLS e-bond within a day or two; a paper bond takes a bit longer to account for signing, notarizing where required, and mailing the original.
Get a Quote for New Mexico
Speak with our surety team about your New Mexico money transmitter bond.
201-316-4159
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