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List of collection agencies in New Mexico.
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Debt Collection Laws in New Mexico
- Fair Debt Collection Practices Act (FDCPA): Like all states, New Mexico is governed by the federal FDCPA. This law restricts the behavior and actions of third-party debt collectors and prohibits them from using abusive, unfair, or deceptive practices to collect debts from consumers.
- New Mexico Regulation and Licensing Department: Debt collectors operating in New Mexico must obtain a license from the New Mexico Regulation and Licensing Department, and they must also comply with the regulations governing the conduct of collection agencies.
- Statute of Limitations: New Mexico has a statute of limitations that limits the amount of time a creditor or collection agency can sue a debtor to collect a debt. The statute of limitations for written contracts in New Mexico is six years, and for open accounts (such as credit cards), it is four years.
- Garnishment: If a creditor obtains a court judgment against a debtor, they may be able to garnish the debtor’s wages or bank accounts. However, there are federal and state limits on how much can be garnished to protect a portion of the debtor’s income.
- Exemptions: New Mexico law provides exemptions for certain types of property, which means that they cannot be seized by creditors to satisfy a debt.
- Communication Restrictions: Under the FDCPA, there are restrictions on when and how often a debt collector can contact a debtor. For example, they cannot call before 8 a.m. or after 9 p.m., and they must stop contacting the debtor if the debtor requests in writing that they do so.
- Debt Validation: Under both federal and New Mexico state law, consumers have the right to request validation of the debt. This means that the debt collector must provide proof that the consumer actually owes the debt and that the amount is correct.
- Harassment and Misrepresentation: Under the FDCPA and New Mexico law, debt collectors are prohibited from using harassment, oppression, or abuse in connection with the collection of a debt. Additionally, they cannot use false, deceptive, or misleading representations to collect a debt.
- Penalties for Violations: If a debt collector violates the federal FDCPA or New Mexico’s debt collection laws, consumers may have the right to sue the collector for damages.
- Consumer Complaints: Consumers can file complaints against debt collectors with the New Mexico Attorney General’s Office or the Consumer Financial Protection Bureau if they believe the debt collector has violated state or federal laws.
It’s essential to stay updated with the most recent changes in laws and regulations. Consulting an attorney who specializes in debt collection laws in New Mexico or checking the most recent legal sources is recommended for the most accurate information
If you buy Collection Letters service from a Collection Agency, you will have to pay an additional Sales Tax of 6.875%, applicable to all New Mexico businesses and residents.
There are not too many collection agencies that have a physical office in New Mexico. It is important to select a good collection agency rather than one which is physically located closer to you. Each collection agency has its own strengths and it is better to select one which has extensive experience in your industry and delivers good recovery rates. Collection agencies commonly work on these types of debts: medical, dental, small business, utilities, commercial (B2B), credit card debt and government bills.
Businesses and medical practices in New Mexico consider outsourcing their debt to a collection agency because there is no point in writing it off. Whether you live in Albuquerque, Las Cruces, Las Cruces, Rio Rancho, Santa Fe, Roswell, Farmington, Clovis or Hobbs, a collection licensed to recover money in New Mexico can work on your accounts receivables.