Promissory Note in New Mexico

A written promise to repay a personal loan, with the amount, interest and payment schedule. States limit how much interest a lender can charge; check your state's rules below before you set the rate.

What New Mexico law says

Maximum interest rate (usury limit)	When there is no written contract fixing a different rate, interest on money due by contract is not more than 15% a year. No one may charge interest except at rates permitted in NMSA §§ 56-8-1 through 56-8-21, unless other law provides. Loans of $5,000 or less may be made only under the New Mexico Bank Installment Loan Act of 1959 or the New Mexico Small Loan Act of 1955. Maximum-rate laws do not apply when a corporation or other business entity is the debtor, and business loans of $500,000 or more may carry any agreed rate. Knowingly charging more than the allowed rate carries penalties and forfeitures (§§ 56-8-13, 56-8-14). Source: NMSA 1978, §§ 56-8-3, 56-8-9
Time limit to sue on a written contract	6 years for an action on a promissory note or other contract in writing. Source: NMSA 1978, § 37-1-3(A)

Maximum interest rate (usury limit)

When there is no written contract fixing a different rate, interest on money due by contract is not more than 15% a year. No one may charge interest except at rates permitted in NMSA §§ 56-8-1 through 56-8-21, unless other law provides. Loans of $5,000 or less may be made only under the New Mexico Bank Installment Loan Act of 1959 or the New Mexico Small Loan Act of 1955. Maximum-rate laws do not apply when a corporation or other business entity is the debtor, and business loans of $500,000 or more may carry any agreed rate.

Knowingly charging more than the allowed rate carries penalties and forfeitures (§§ 56-8-13, 56-8-14).

Source: NMSA 1978, §§ 56-8-3, 56-8-9

Time limit to sue on a written contract

6 years for an action on a promissory note or other contract in writing.

Source: NMSA 1978, § 37-1-3(A)

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PROMISSORY NOTE

Amount: $[principal amount] Date: [date] Place: [city, state]

For value received, [borrower name], of [borrower address] ("Borrower"), promises to pay [lender name], of [lender address] ("Lender"), the sum of $[principal amount], with interest at [rate]% per year.

Payments: [e.g. $[amount] per month starting [date] until paid in full / one payment of the full amount on [due date]].

Late payment: [late fee or 'none']. Prepayment: Borrower may prepay all or part at any time without penalty.

If Borrower misses a payment for [number] days, Lender may [declare the full balance due].

Borrower signature: ____________________ Date: [date]

[Co-signer signature, if any] [Notary acknowledgment, if you choose to use one]

Promissory Note for other states · New Mexico tenant rights

General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.