N.M. Code R. § 13.14.9.17
No policy or endorsement (excluding pro formas) shall be issued without payment in full of the premium for such policy or endorsement within 15 days of the issuance of any policy or endorsement in accordance with Section 59A-30-5.1 NMSA 1978. In the event that payment in available funds is not made within 15 days of the issuance of any policy or endorsement, the title insurer shall cancel the policy or endorsement. The title insurer shall mail the insured(s) and lender notice of the cancellation by certified mail, return receipt requested, to the last known address, and by first class mail. Cancellation shall be effective 10 days after mailing notice to the insured. A title insurance agency shall promptly notify the title insurer of the non-receipt of premiums within the period specified herein.
N.M. Code R. § 13.14.9.17