New Mexico Late Fee Calculator
Based on N.M. Stat. §56-8-3 (legal rate of interest); §56-8-11.1
QuickBillMaker applies late fees automatically based on your configured policy. Set it once and stop chasing payments by hand.
How New Mexico late fees work
In New Mexico, late payment fees on commercial invoices are governed by N.M. Stat. §56-8-3 (legal rate of interest); §56-8-11.1. The legal maximum is 1.25% per month (15% annualized). Legal rate 8.75% per year; written contracts may set up to 15% per year. Commercial contracts may negotiate higher.
The fee must be stated in a written agreement before the work is performed. Without a written rate, only the statutory default rate applies.
New Mexico prompt-pay law
New Mexico Prompt Payment Act (N.M. Stat. §57-28-1 et seq.) Subs paid within 7 days of GC receiving payment; 1.5% per month interest if late.
Stop calculating late fees by hand
QuickBillMaker applies your New Mexico late fee rate automatically when invoices go overdue.
Automate late fees free