New Mexico Late Fee Calculator
Work out interest on an overdue B2B invoice under New Mexico law. When the contract is silent, the default is up to 15% — a ceiling, not a fixed entitlement (see the note below) — and the statute is quoted verbatim below.
When no written rate is fixed; courts typically award the full 15% on matured sums from the day the balance is ascertained.
Late fee breakdown
- Interest owed
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- Daily rate
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- Total (invoice + interest)
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Still unpaid? Generate a formal demand letter — it computes the interest and cites New Mexico's statute (NMSA 1978 §§ 56-8-3, 56-8-5, 56-8-9) for you.
What New Mexico law actually says
No provision of law prescribing maximum rates of interest that may be charged in any transaction shall apply to a transaction in which a corporation, limited liability corporation or other business entity is a debtor, regardless of the purpose for which the corporation was formed [...]
Quoted verbatim from the linked official source — not our paraphrase. How we source and re-check every row is documented in the data methodology.
Maximum late fee in New Mexico — written B2B contracts
No statutory cap
No maximum-rate law applies at all when the debtor is a corporation, LLC or other business entity; and on an open account the parties may agree to a rate above the 15% default, so B2B trade credit has no ceiling. The 36% APR cap reaches only licensed small-loan/bank-installment lenders.
Basis: NMSA 1978 §§ 56-8-9(B), 56-8-5, 56-8-21. Compare all 51 jurisdictions on the full state table and the cap-regime map.
B2B invoices only — not rent, not consumer debt
Everything on this page is about business-to-business invoices. Residential rent late fees live in New Mexico's landlord-tenant law and consumer credit has separate, stricter rules — two different bodies of law. The distinction is explained in B2B invoice late fees vs. residential rent.
Use this data
New Mexico's row — rate, cap, citation, verbatim quote, verification date — is part of our open 51-jurisdiction dataset: CSV · JSON (CC BY 4.0, cite myinvoicetemplate.com). Set late-fee terms on your next invoice with the free invoice generator, or state them clearly using the wording guidance in the payment terms guide.
New Mexico late fee FAQ
Can I charge late fees on overdue invoices in New Mexico?
Yes — on business-to-business invoices. If your contract or invoice states a late-fee rate, that rate governs (subject to the cap rules below). If nothing was agreed: Up to 15%. When no written rate is fixed; courts typically award the full 15% on matured sums from the day the balance is ascertained. Statute: NMSA 1978 §§ 56-8-3, 56-8-5, 56-8-9, verified 2026-08-19. Consumer and rent debts follow separate laws.
What is the maximum late fee I can charge in New Mexico?
For a written B2B contract: No cap when the debtor is a business entity (express statutory exclusion); no ceiling for other debtors either — 15% is only a default and on open accounts the parties may set a higher rate by agreement. The 36% APR cap binds only licensed small-loan / bank-installment lenders. Basis: NMSA 1978 §§ 56-8-9(B), 56-8-5, 56-8-21. The full cap analysis is in the section above; this covers business-to-business deals only — consumer credit has stricter separate caps.
What interest applies if my contract doesn't mention late fees in New Mexico?
The statutory default rate of Up to 15%. When no written rate is fixed; courts typically award the full 15% on matured sums from the day the balance is ascertained. Statute: NMSA 1978 §§ 56-8-3, 56-8-5, 56-8-9 (verbatim quote on this page, verified 2026-08-19).
Does this cover rent, apartment, or consumer late fees in New Mexico?
No. This page covers business-to-business invoices only. Residential rent late fees are governed by New Mexico's landlord-tenant law, and consumer credit for personal, family, or household purposes has its own stricter caps and disclosure rules. Those are different statutes than the commercial-interest law cited here.
Where does this data come from, and when was it verified?
Every figure on this page comes from our 51-jurisdiction dataset: each row researched against the controlling statute or the state's official current-rate page, independently re-checked, and stamped with its own verification date — New Mexico's row was last verified 2026-08-19. The operative legal text is quoted verbatim on this page with a link to the official source, the methodology is public, every verification pass is logged in the changelog, and the full dataset is downloadable (CC BY 4.0).
Not legal advice. This page summarizes New Mexico's commercial-interest statute for general information, with the verification date shown above — it tells you when we last confirmed the figures, not that they are still current today. Statutes change and courts interpret them; verify the cited statute at the official source, or ask a licensed attorney in your state, before charging or demanding interest.