A Collection Agency Bond is a type of surety bond required by the New Mexico Regulation and Licensing Department Financial Institutions Division for those who have applied or intend to apply for a license as a Collection Agency pursuant to Section 61-18A-1 of the New Mexico Statutes. The surety bond guarantees faithful adherence to the Collection Agency Regulatory Act and proper application of all funds received . Furthermore ,the surety bond ensures payment to the State of New Mexico or to any person entitled thereto, all money that becomes due and owing under the provisions of the Act and resulting from business activities regulated pursuant to the Act.
