New Mexico Credit Laws
| INTEREST RATE | (Legal: 15%) |
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. |
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| HOMESTEAD EXEMPTION |
Married, widowed, and caregiver debtors may claim a homestead exemption up to $30,000 in New Mexico. Couples may double the amount. |
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ADDING FEES |
Unless the agreement between the debtor and the creditor or the agreement between the collection agency and the creditor otherwise expressly prohibits, a collection agency may collect from the debtor an amount equal to the gross receipts tax and the local option gross receipts taxes imposed on the receipts of the collection agency that result from the collection of a debt from the debtor. |