Hampton Associates, Inc. Commercial Collection Agency  
  Phone: (877) 862-6340, Fax: (877) 862-6336

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

Hampton Associates, Inc.- Your commercial collection agency solution

Hampton Associates, Inc. 2003, 2004 Site Map