September 10, 2010, Newsletter Issue #177: New Mexico Collection Agency Laws

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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