New Mexico Commercial Collection Agency
New Mexico like every other state in the U.S., has statute of limitations and various other laws that help determine a deadline when it comes to filing a lawsuit or other civil actions. This page will provide information related to New Mexico including: state economy, unemployment rate, state debt and statute of limitations. All information included is provided by recent case studies or other industry experts.
Statute of limitation laws are mandatory time limits that the legal system put into place to provide a general fairness and practicality when it comes to filing a lawsuit. New Mexico’s statute of limitations can range from three to 14 years depending on the nature of the lawsuit. (FindLaw.com)
Between 2011 and 2013, New Mexico had the lowest median annual household income of $44,472 when compared to surrounding states. The unemployment rate during this time period was 6.6 percent, just 0.7 points above the national average. In 2014, New Mexico had a state debt of $50.1 billion. The state debt per capita was $24,041. This state debt was determined after reviewing four components: market-valued unfunded public pension liabilities, outstanding government debt, unfunded other post-employment benefit liabilities and outstanding unemployment trust fund loans. (Ballotpedia.org)
In September 2015, New Mexico was ranked as the 19th worst in the country in “taxpayer burden,” a term used when describing how much money each taxpayer would need to send to their state’s treasury office in order for the state to become debt-free. In 2015, New Mexico had a taxpayer burden of $9,700. (Ballotpedia.org)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within New Mexico’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
SUMMARY OF NEW MEXICO COLLECTION LAWS*
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.
* These are not comprehensive statutes and therefore PSICollect.com and Prestige Services, Inc. disclaims any liability resulting from reliance by any party upon the legality and accuracy of the contents thereof.
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