Credit Collection Information by State
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New Mexico Commercial Credit & Collection Information
INTEREST RATE
- Legal: 15% (56-8-3)
- Judgment: 8.75% (in
the absence of a written contract)
(up to 15% at discretion of court) (56-8-4)
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. (NM
Statutes 56-14-1)
- 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 (NM
Statutes 61-18A-15)
- License: Yes
(NM
Statutes 61-18A-5)
- 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.
*Community Property State
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