The bail bond business in New Mexico is closely regulated by the Superintendent of Insurance of New Mexico. Bail is considered a form of insurance so it falls under the Office of the Superintendent of Insurance located in Santa Fe, NM. The following are some of the important rules bail bond companies must follow:
1. A bondsman cannot charge more than a 10 % premium for the bail bond. The 10 % fee is a one-time non-refundable fee that is earned once the defendant is released from custody.
2. A bail bond company may require collateral such as real property or cash to secure the bond. If the collateral is taken, it must be returned to the owner within 10 days of the conclusion of the criminal case.
3. The bail bond company must give a detailed receipt for any money paid or any collateral taken in.
If a consumer cannot resolve a complaint or dispute with a bail bondsman, the consumer may contact the Office of the Superintendent at 1-855-427-5674 or www.osi.state.nm.us