Does a landlord have to pay interest on a security deposit in New Mexico?
Yes. New Mexico requires a landlord to pay the tenant interest on a security deposit. Interest at the passbook rate on deposits over one month's rent for leases of a year or more. The deposit itself must be returned within 30 days of the end of the tenancy. This is N.M. Stat. § 47-8-18.
| What | New Mexico |
|---|---|
| Interest payable | Yes |
| How it works | Interest at the passbook rate on deposits over one month's rent for leases of a year or more. |
| Deadline to return the deposit | 30 days |
Source
N.M. Stat. § 47-8-18
Read the statute in the New Mexico Statutes (New Mexico Compilation Commission): nmonesource.com.
The linked sections open Justia’s free copy of the code, because the state’s own site has no stable address for each section.
This is a summary of a published statute, not legal advice. Rules change, local ordinances can add to them, and the terms of a specific lease may differ. Check the citation and speak to a lawyer before acting.
How Seayora uses this rule
Seayora computes the deadline this rule sets from the tenancy’s own dates, shows it on the deposit statement, and reminds the landlord before it falls due — so the answer above is not reference material sitting beside the product, it is the rule the product enforces.
Compare this rule in every state
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The same question in other states
- Connecticut
- District of Columbia
- Illinois
- Iowa
- Maryland
- Massachusetts
- Minnesota
- New Hampshire
- New Jersey
- New York
- North Dakota
- Ohio