2006 New Mexico Statutes - Section 56-8-3 — Interest rate; no written contract.

56-8-3. Interest rate; no written contract.

The rate of interest, in the absence of a written contract fixing a different rate, shall be not more than fifteen percent annually in the following cases:   

A.     on money due by contract;   

B.     on money received to the use of another and retained without the owner's consent expressed or implied; and   

C.     on money due upon the settlement of matured accounts from the day the balance is ascertained.   

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