New Mexico Driving Training School Bond
Who needs a Driving Training School Surety Bond? [And what does it do?]
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The surety bond protects the students attending your school. Failing to perform your responsibilities ethically and as written in the state’s regulations and statutes could result in a claim against your bond. Common bond claims include not abiding to your tuition refund agreement or mishandling student records.
How much does a Driving School Bond cost?
We offer NM Driving School Bonds starting as low as 1% – 3% of the bond amount for approved applicants. This premium provides coverage for a one-year term. As a continuous bond, however, NM Driving School Bonds remain active until cancelled. Our team will contact you within 90 days of renewal to ensure your bond stays active.
What happens if a claim is made?
After someone makes a claim against a bond, the surety provider conducts an investigation. If the surety concludes the claim is valid, they will payout up to the full amount of the bond to the claimant. As the principal of the bond, you’re responsible for making the surety financially “whole” after a payout. This means that you must pay back the surety the full amount associated with the claim, including the bond amount, court fees and any other incurred expenses.
NM driving school licensing requirements
Driving school operators and instructors must be licensed by the New Mexico TSB. Your license is valid for one year and expires on June 30th. Renewal applications must be filed by June 1st.
The following documents must be included with your license application:
- Limited Driving History form
- Release of Information form
- Certificate of Maximum Occupant Load – Acquire from a Fire Marshal
- Your resume
- Schedule of your fees
- Your written refund policy and rescheduling policy
- Copy of your business license and EIN
- Your course outline, curriculum, handouts, log forms, student report and videos
- The 50 examination questions as they appear on the final
After the state approves your application, they will request additional documents:
- Certificate of Insurance
- $15,000 NM Driving Training School Bond
- $400 licensing fee if you apply after July 1st / $200 fee if before July 1st
- $35 per extension site
For any licensing related questions, please contact the New Mexico TSB by calling 800-541-7952.
Where can I get a NM surety bond?
Use our online application to get free, no-obligation quotes for your NM Driving School Bond. We’ve partnered with leading surety providers to ensure you get the best deal for your bond.
View our surety bond resources
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