Frequently Asked Questions (FAQ)
Bond Amount is $50,000.00. Standard Rate is 1.000% per year; with a minimum premium of $50.00.
Auto Recycler Bond in New Mexico
Auto Recycler Bond in New Mexico
The Auto Recycler Bond in New Mexico (NEW MEXICO-AUTO RECYCLER BOND) is a financial guarantee required for companies engaged in auto recycling to legally operate in New Mexico. This bond protects the interests of consumers and government entities from violations related to auto recycling activities.
Agents can issue the NEW MEXICO-AUTO RECYCLER BOND in New Mexico through the online portal.
What is an Auto Recycler Bond?
The Auto Recycler Bond in New Mexico (NEW MEXICO-AUTO RECYCLER BOND) is a financial guarantee required for companies engaged in auto recycling. This bond helps protect consumers and government entities from possible damages caused by violations during the auto recycling process.
Key Points About the NEW MEXICO-AUTO RECYCLER BOND:
- License Requirement: Auto recycling companies are required to obtain a bond in the amount of $50,000 to operate legally in New Mexico.
- Consumer Protection: If the company violates regulations, customers can file a claim against the bond for compensation.
- Bond Amount: The bond amount is $50,000. Companies only pay a portion of this amount as a premium, which is 1.000% per year, with a minimum premium of $50.
- Obligations: Companies must comply with all laws regulating auto recycling activities. Failure to do so may result in claims against the bond.
Example with Boris
Boris owned an auto recycling company in New Mexico and obtained a NEW MEXICO-AUTO RECYCLER BOND for $50,000. After his company violated several recycling rules, a claim was filed against him. Boris lost the bond, leading to significant financial losses for his business.
Thus, the auto recycler bond is an important tool for protecting the interests of consumers and the state.
How much does an Auto Recycler Bond cost in New Mexico?
The cost of the NEW MEXICO-AUTO RECYCLER BOND is 1.000% of the bond amount, with a minimum premium of $50. A 25% discount is available for subsequent years.
Frequently Asked Questions
What is the NEW MEXICO-AUTO RECYCLER BOND?
This is a financial guarantee required for auto recycling companies to operate in New Mexico.
How can I obtain the NEW MEXICO-AUTO RECYCLER BOND?
You can obtain this bond through your insurance agent’s online portal or directly through this platform.
How much does the Auto Recycler Bond cost?
The bond amount is $50,000. The premium is 1.000% per year, with a minimum premium of $50. A 25% discount is also available for subsequent years.
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Execution Notes
Bond must have an original signed Attorney in Fact signature.
Filing Method
Executed bond must be filed with the obligee by agent/principal.
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