Interest rate; no written contract
Known as the Residential Home Loan Act
The act spans §§ 56–56 (26 sections).
Applied in 11 court decisions — leading case 867 F. Supp. 1495 - Martinez v. Albuquerque Collection Services, Inc. (1994)
Most recently applied in Calderon v. Hartford Life & Accident Ins. Co. (February 2019)
1978 Comp., § 56-8-3, enacted by Laws 1983, ch. 254, § 1.
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
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:
A. on money due by contract;
B. on money received to the use of another and retained without the owner's consent expressed or implied; and
C. on money due upon the settlement of matured accounts from the day the balance is ascertained.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.