N.M. Admin. Code § 18.19.4.17
Any corporate surety on any bond furnished by any licensee as required by Section 66-4-7 NMSA 1978 shall be released and discharged from any and all liability accruing on the bond after the expiration of ninety days from the date on which the corporate surety files with the department a written request to be released and discharged. Such a request shall not operate to release or discharge the corporate surety from any liability already accrued or that shall accrue before the expiration of the ninety day period, unless a new, original corporate surety bond is filed during the ninety day period, in which case the previous bond may be canceled as of the effective date of the new bond. On receipt of notice of such a request, the department shall promptly notify the licensee who furnished the bond that the licensee shall, on or before the expiration of the ninety day period, file with the department a new, original corporate surety bond with a surety satisfactory to the department in the amount and form required by Section 66-4-7 NMSA 1978.
N.M. Admin. Code § 18.19.4.17