New Mexico Collection Agency Laws

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 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.