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||New Mexico Collection Laws
The following is a summary of the New Mexico Collection Laws. The information here may not be 100% accurate and should not to be construed as legal advise. We make no warranty, express or implied concerning any information contained on this New Mexico Collection Laws page, and we assume no liability for its use.
New Mexico Collection Laws Interest Rate
Judgment: 8.75% (in the absence of a written contract)
New Mexico Collection Laws Statute Of Limitations (Years)
Open account: 4
Written Contract: 6
Domestic Judgment: 14
Foreign Judgment: 14
New Mexico Collection Laws Bad Check Laws (NSF) (Civil Penalty)
Amount due, triple damages up to $500 per check - Complex requirements need to be met
New Mexico Collection Laws General Garnishment Exemptions
Greater of 75% or amount each wk. equal to 40 x Federal minimum hourly wage
New Mexico Collection Laws Collection Agency Bond & Licensing Rules
Bond: $5,000 minimum - based on volume
$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  collecting by interstate means (phone, fax, mail); and  debt was incurred outside the state of New Mexico.
Rapid Recovery hopes that this information assists you in finding a New Mexico Collection Agency and researching New Mexico collection laws.