Remittance of collections to clients.

  1. Law
  2. New Mexico Statutes
  3. Professional and Occupational Licenses
  4. Collection Agencies
  5. Remittance of collections to clients.

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All collection agencies shall remit to their clients the proceeds of all collections, after deducting their commission, other lawful expenses and any amounts collected pursuant to Section 61-18A-28.1 NMSA 1978, within forty days of such collection unless otherwise provided by regulation.

History: Laws 1987, ch. 252, § 28; 1992, ch. 36, § 1.

ANNOTATIONS

The 1992 amendment, effective May 20, 1992, substituted "shall remit" for "must remit", inserted "and any amounts collected pursuant to Section 61-18A-28.1 NMSA 1978", and made a stylistic change.


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