N.M. Code R. § 14.12.4.13 - INSTALLER'S OR REPAIRMAN'S CONSUMER PROTECTION BOND
A. Each installer and each repairman to
include individuals granted licensures in accordance with 14.12.2.14 NMAC shall
maintain consumer protection bonds with the division . Each bond may be
satisfied by a surety bond or other security in the form and in the amount
prescribed by the division . The minimum bond amount shall be in an amount not
less than ten thousand dollars ($10,000). Bonds shall be presented to the
division upon application for licensure and subsequently at each license
renewal period. Each surety in the form of a cash consumer protection bond must
be posted with a financial institution located in New Mexico. Out of state
installers or repairmen to include individuals granted licensures in accordance
with 14.12.2.14 NMAC shall submit an affidavit consenting to service of process
in New Mexico in connection with all claims filed pursuant to the provisions of
the act.
B. Each bond shall be
indemnity for any loss sustained by any consumer as a result of:
(1) fraud by the installer or repairman to
include individuals granted licensures in accordance with 14.12.2.14 NMAC in
the execution or performance of a contract;
(2) the misrepresentation or the making of a
false promise by the installer or repairman to include individuals granted
licensures in accordance with 14.12.2.14 NMAC, or through the advertising, or
the agents of the installer or the repairman to include individuals granted
licensures in accordance with 14.12.2.14 NMAC;
(3) a violation of the installer's or
repairman's written warranty to include individuals granted licensures in
accordance with 14.12.2.14 NMAC.
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