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November 24, 2006, Newsletter Issue #64: New Mexico Collection Agency Laws
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Tip of the Week
Following is some important information on New Mexico debt collection 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.
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 managerīs 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.
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