Reference · New Mexico · 2026
New Mexico late payment interest rate
When your contract sets no rate, the New Mexico figure for interest on an overdue B2B invoice is ≤ 15%, under NMSA § 56-8-3.
"Not more than fifteen percent" on money due by contract and on settlement of matured accounts — a ceiling courts apply, not an automatic entitlement.
- Rate
- ≤ 15%
- Statute
- NMSA § 56-8-3
- Type
- Fixed by statute.
- Source
- law.justia.com · verified July 9, 2026
Statute text read on law.justia.com, a legal mirror, because the official New Mexico site blocks automated access. Confirm it against the official code before relying on it in a dispute.
Work out the interest on your invoice
Prefilled with New Mexico's 15% ceiling — a court may award less.
Interest you can claim
$246.58
$10,246.58 with the invoice · $4.11 a day
The ceiling
How high can a late fee go in New Mexico?
Your contract decides. The rate above only applies when your terms are silent. Between businesses, an agreed late-interest rate or late fee replaces it, within two limits: the state's ceiling on agreed rates, and the rule that a late fee must compensate you rather than punish the customer.
New Mexico's ceiling: 15% (NMSA § 56-8-3).
That rules out the common US convention of 1.5% a month (18% a year): in New Mexico, keep an agreed rate at or below 15%.
Ceiling checked September 12, 2026.
Late payment wording for a New Mexico invoice
On your invoice
Payment is due by the date shown on this invoice. We reserve the right to claim interest on any amount not paid when due, as allowed under NMSA § 56-8-3.
This restates what New Mexico law applies when your contract is silent. If your contract sets a rate, quote that instead. The wording doesn't say when interest starts, because that differs by state; the note at the top of this page covers it where New Mexico law sets it.
How New Mexico compares
New Mexico is one of 4 states with no rate that applies on its own, along with Maine, South Dakota and Tennessee. Elsewhere the middle of the range is 8%.
Interest is the fallback. Getting paid on time is the plan.
DueTrail turns overdue invoices into managed cases with reviewable reminders and recorded promises to pay, so invoices get settled before anyone reaches for NMSA § 56-8-3.