New Mexico Interest on deposits

Does a landlord have to pay interest on a security deposit in New Mexico?

Under an annual rental agreement, if the owner takes a deposit greater than one month's rent, the owner must pay the resident interest each year at the passbook rate. For agreements shorter than one year, the deposit may not exceed one month's rent.

Verified Source: NMSA 1978, § 47-8-18(A) · last checked 2026-10-15