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2017 New Mexico Statutes
Chapter 56 - Commercial Instruments and Transactions
Article 8 - Money, Interest and Usury
Section 56-8-3 - Interest rate; no written contract.
Universal Citation: NM Stat § 56-8-3 (2017)
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.
History: 1978 Comp., 56-8-3, enacted by Laws 1983, ch. 254, 1.
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