N.M. Stat. § 53-4-32
Bonding.
Every individual acting as officer or employee of an association and handling funds
or securities amounting to one thousand dollars ($1,000.00) or more, in any one year,
shall be covered by an adequate bond as determined by the board of directors, and at
the expense of the association; and the by-laws [bylaws] may also provide for the
bonding of other employees or officers.