New Mexico Statute
From New Mexico Article 8 Section 56-8-3: MONEY, INTEREST AND USURY
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:
- on money due by contract;
- on money received to the use of another and retained without the owner’s consent expressed or implied; and
- on money due upon the settlement of matured accounts from the day the balance is ascertained.
