Collection Agencies, Branches, Managers, and Repossessors

Overview:

Collection Agencies, Branches, Managers, and Repossessors industries cover all third-party debt collection in New Mexico.  Each debt collection business is required to submit an initial application and annual license renewal applications, along with the appropriate fees to the FID.

Collection Agency

A “Collection Agency” means any person engaging in business for the purpose of collecting or attempting to collect, directly or indirectly, debts owed or due or asserted to be owed or due another, where such person is so engaged by two or more creditors.  The term also includes any creditor who, in the process of collecting his own debts, uses any name other than his own which would indicate that a third person is collecting or attempting to collect such debts.

Collection Agency Manager

A “Collection Agency Manager” means a natural person who qualifies under the Collection Agency Regulatory Act to be in full-time charge of a licensed collection agency, and to whom a manager’s license has been issued by FID.

Repossessor

A “Repossessor” means a person engaged solely in the business of repossessing personal property for others for a fee.  The term does not include a duly licensed collection agency.

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