NMSA 47-8-15(D) caps a New Mexico late fee at 5 percent of the rent for each rental period in default — cut from 10 percent by a 2025 amendment effective June 20, 2025. Late fees are based on rent only (not deposits, fees, or utilities), and the fee must be noticed by the end of the next rental period.
As amended in 2025 (effective June 20, 2025), NMSA 47-8-15(D) provides that an owner may charge 'a late fee in an amount not to exceed five percent of the rent for each rental period that the resident is in default,' and that 'late fees shall be calculated only based on rent, and rent calculations to determine late fees shall not include deposits, additional fees or utilities.' Before the amendment the cap was ten percent. To assess the fee, 'the owner shall provide notice of the late fee charged no later than the last day of the next rental period immediately following the period in which the default occurred.' A late-fee provision must be disclosed in the rental agreement to be enforceable.
No specific statutory penalty. A late fee that exceeds 5 percent of rent, is based on non-rent charges, or for which timely notice was not given is unenforceable, and a resident may contest or recover the improper charge.
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