New Mexico Late fee grace period

Is there a grace period before a late fee can be charged in New Mexico?

The Owner-Resident Relations Act sets no grace period. If the lease provides for a late fee, it may not exceed 10% of the total rent for each period in default, and the owner must give notice of the fee by the last day of the next rental period.

Verified Source: NMSA § 47-8-15(D) · last checked 2026-10-15