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New Mexico Promissory Note
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New Mexico at a glance: Usury Limit: No limit (if written) · Default Legal Rate: 15% per year · Governing Law: N.M. Stat. § 56-8-3
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Overview
Promissory Notes in New Mexico
New Mexico sets a maximum usury limit of 15% per year, although parties can contract in writing for any rate.
Key Facts
New Mexico Promissory Note — Quick Reference
| Requirement | New Mexico Rule |
|---|---|
| Usury Limit | No limit (if written) |
| Default Legal Rate | 15% per year |
| Governing Law | N.M. Stat. § 56-8-3 |
Legal Requirements
New Mexico Legal Requirements
- Agreement must be in writing to exceed the default 15% rate.
Governing Laws
New Mexico Governing Laws
N.M. Stat. § 56-8-3
Legal Rate of Interest
Sets the default 15% interest rate and allows unlimited rates in writing.
Read the full text of these laws at Cornell Law School's New Mexico legal resources or your state legislature's official website.
Questions & Answers
New Mexico Promissory Note — Frequently Asked Questions
What is the usury limit in New Mexico?
New Mexico does not cap interest rates on written agreements.