New Mexico Collection Laws

INTEREST RATE

• Judgment: 8.75% (in the absence of a written contract)

STATUTE OF LIMITATIONS (IN YEARS)

• Open Acct.: 4
• Written Contract: 6
• Domestic Judgment: 14
• Foreign Judgment: 14

BAD CHECK LAWS (CIVIL PENALTY)

• Amount due, triple damages up to $500 per check.
• Complex requirements need to be met.

GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount each wk. = to 40 x fed. min. hourly wage

COLLECTION AGENCY BOND & LICENSE

• Bond: $5,000 minimum - based on volume
• License: Yes
• Fee:
  • $500 - original collection agency or branch
  • $300 - renewal collection agency or branch
  • $100 - examination fee for manager's license
  • $50 - manager renewal
• Exemption for out-of-state collectors: Out-of-state agency is exempt if [1] collecting by interstate means (phone, fax, mail); and [2] debt was incurred outside the state of New Mexico.

This site has taken this information from the website listed in this state. We will not be held liable for any errors or for not updating. Updates are done every 3 months.