New Mexico § 60-13A-7 - Surety requirements for employee leasing contractors
Full text of New Mexico New Mexico Statutes Annotated § 60-13A-7 — Surety requirements for employee leasing contractors, with citation guidance and answers to common questions.
§ 60-13A-7. Surety requirements for employee leasing contractors
A. An employee leasing contractor domiciled and registered in New Mexico as of September
30, 1993 shall file and maintain with the department a surety bond in the amount of
twenty-five thousand dollars ($25,000) issued by an insurance company authorized to
do business in this state. An employee leasing contractor domiciled and registered in New Mexico after September
30, 1993 shall file and maintain with the department a surety bond in the amount of
one hundred thousand dollars ($100,000) issued by an insurance company authorized
to do business in this state. Interest accrued on such liquid securities shall be paid to the employee leasing
contractor providing the liquid security. The bond shall be conditioned upon the prompt payment of wages for which the employee
leasing contractor becomes liable. The employee leasing contractor's liability for these wages shall terminate six
months after the employee leasing contractor terminates his employee leasing business. B. In lieu of the surety bond required under Subsection A of this section, the employee
leasing contractor may deposit with a depository designated by the department liquid
securities with a market value equal to the amount required for a surety bond. The deposit contract shall authorize the department to liquidate the securities
to the extent necessary to pay any obligations that the employee leasing contractor
fails to pay promptly when due.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 60-13A-7
What does New Mexico Statutes Annotated § 60-13A-7 cover?
Section 60-13A-7 ("Surety requirements for employee leasing contractors") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 60-13A-7?
A common citation format is "New Mexico Statutes Annotated § 60-13A-7" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 60-13A-7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.