New Mexico Debt Settlement Laws

Debt Settlement License Registration Required:

Statute: N.M. Stat. Ann. §56-2-1 et seq.

Definition: Any person who shall hereafter act or offer to act as a debt adjuster in this state shall be guilty of a misdemeanor.

“debt adjuster” means a person who acts or offers to act for a consideration as an intermediary between a debtor and his creditors for the purpose of settling, compounding or in anywise altering the terms of payment of any debts of the debtor; and, to that end, receives money or other property from the debtor, or on behalf of the debtor, for payment to, or distribution among the creditors of the debtor;