New Mexico Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of New Mexico debt collectors engaged by them in the collection of debts. You need to know the New Mexico collection laws and state debt collections law.
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You can be held accountable for what your New Mexico collection attorney does or
doesn't do. You must know the New Mexico collection laws, and the information here
can reduce your liability by giving you the state debt collections law
information for making informed decisions. Please study the New Mexico collections laws listed below
and make sure your New Mexico collection lawyer abides by them to the letter.
Debt collections law vary, and knowing the right collection
law for your state and your debtor's state is essential. Here you can read up
on: New Mexico Statute of Limitations, New Mexico Judgments, New Mexico Garnishments,
New Mexico Interest Rates, New Mexico Bad Check Laws and New Mexico Collection Agency
Requirements.
Annotated Code of New Mexico, Chapter 61, Article 18A (61-18A)
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.
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