N.M. Admin. Code § 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.

Notes

N.M. Admin. Code § 14.12.4.13

14.12.4.13 NMAC - Rp, 14.12.2.31 NMAC, 12-01-10