N.M. Admin. Code § 17.11.16.26
Current through Register Vol. 35, No. 23, December 10, 2024
A carrier shall accrue simple interest on deposits at the interest rate the carrier charges for late payment of bills or the rate specified in NMSA 1978 Section 62-13-13, whichever is greater. A carrier shall accrue interest on a deposit for the time it holds the deposit, calculated from the date the carrier receives the deposit to the date the carrier refunds the deposit or credits the amount of the deposit to the customer's account. The carrier may, at its option, pay interest directly to the customer or credit the interest to the customer's account.
N.M. Admin. Code § 17.11.16.26