New Mexico Collection Agency Laws

New Mexico Collection Agency Laws that regulate debt collection.

The Creditors Guide To New Mexico Collection Laws

Following is a some important information on New MexicoCollection Laws including: New Mexico Statutes, New Mexico Judgments, New Mexico Garnishments, New Mexico Interest Rates, New Mexico Bad Check Laws and New Mexico Collection Agency Requirements. Please be sure that you check the New Mexico State website for the latest updates to the New Mexico Collection Agency Laws.

INTEREST RATE

• Judgment: 8.75% (in the absence of a written contract)

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.
• 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
• License: Yes
• 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.

Recommended New Mexico Collection Agency Listings:

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Debt-Collection-Laws.com offers you a directory of the top ranked debt collection agencies in the United States by state.

Please note this website site not intended to give legal advice and may not be complete or up to date with the most current New Mexico collection laws changes.

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