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New Mexico Debt Collection Laws and Statutes

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.

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DEBT COLLECTIONS

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