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New Mexico Interest Rates Laws
More Information on Interest Rate Laws
| Legal Maximum Rate of Interest | 15% in absence of contract fixed rate (§56-8-3) |
| Penalty for Usury (Unlawful Interest Rate) | Forfeiture of all interest and if paid, borrower may recover twice amount (§56-8-13) |
| Interest Rates on Judgments | 8?% unless judgment is on a contract, in which case interest on recovery will be the contract rate, but if the money judgment is for tortious conduct, interest on judgment will be 15% (§56-8-4) |
| Exceptions | Corporations and limited partnerships (§56-8-9, §56-8-21); pawn brokers (§56-12-13) |
Note: State laws are constantly changing -- contact an attorney or conduct your own legal research to verify the state law(s) you are researching.
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- Official State Codes - Links to the official online statutes (laws) in all 50 states and DC.
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