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Researching your options for debt collection can be a daunting task. Collection laws in New Mexico are complex, so it makes sense to work with a collection agency that knows New Mexico.
Summit AR is a a professional collection agency and debt collection is all we do, so you are likely to recover more of what is owed to you than if you were to pursue delinquent customers yourself.
New Mexico Collection Laws Interest Rate
| Legal: | not available |
| Judgment: | 8.75% or contractual |
New Mexico Collection Laws Statute Of Limitations
| Open Account: | 4 years |
| Written Contract: | 6 years |
| Domestic Judgment: | 14 years |
| Foreign Judgment: | 14 years |
New Mexico Collection Laws Bad Check Laws (NSF) (Civil Penalty)
| Amount due, triple damages up to $500 per check – Complex requirements need to be met |
New Mexico Collection Laws General Garnishment Exemptions
| Greater of 75% or amount each wk. equal to 40 x Federal minimum hourly wage |
New Mexico Collection Laws Collection Agency Bond & Licensing Rules
| Bond: | $5,000 |
| License: | No |
| Fee: | $500 original, $300 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. | |
If you’re looking for a collection agency that knows New Mexico, contact Summit AR today for fast, friendly, and effective results.
Disclaimer: While we strive to keep our state resource data accurate and up-to-date, the information contained on this page is provided without any warranty (expressed or implied), and should not be considered legal advice. We assume no liability for its use.
Convert more aged receivables into bottom-line revenue.
Our experienced collections specialists provide the best of both worlds: collection rates up to double the industry average, but with a delicate touch to protect your company’s relationships and good name. Schedule a free no-obligation consultation and learn how Summit A•R can put your balance sheets back in the black.
