New Mexico Debt Collection Laws and Statutes
AccountsReceivable.com handles debt collections throughout the entire state of New Mexico.
Below you will find important information on New Mexico state debt recovery laws including: New Mexico Statutes, Judgments, Garnishments, Interest Rates, and Bad Check Laws.
STATE: NEW MEXICO
Interest Rate
- Judgment: 8.75% (in the absence of a written contract)
STATUTE OF LIMITATIONS (IN YEARS)
- Open Account: 4
- Written Contract: 6
- Auto Deficiency: 4
- 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 week = to 40 x fed. min. hourly wage.
