New Mexico Loans: What you need to know

Employers may loan their employees money, or provide them with a cash advance. In order to deduct repayment from an employee's wages, however, the repayment must be agreed to by the employee and the employer.
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If repayment is to be through assignment of wages, the loan must be less than $2,500, it must be paid simultaneously with execution of the assignment, the assignment must be in writing and signed by the borrower and the borrower's spouse, and the assignment may not be for more than 10 percent of pay per pay period. No more than one such assignment of wages may be made to an employer at any given time (NM Stat. Sec. 58-15-21and NM Stat. Sec. 58-15-22).
Last updated on March 10, 2016.

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