Arizona SB1623 regulates credit card interest rates, late fees, and surcharges for credit card transactions.

Arizona SB1623 sets a maximum interest rate of fifteen percent for credit card purchases, applicable to the previous twelve months of accrued interest. It limits credit card companies to a late fee of no more than $10, regardless of the credit card balance. The bill prohibits credit card merchants from adding surcharges to credit card charges. The attorney general is authorized to investigate and take action against violations. This act applies retroactively to twelve months before its effective date.

Arizona SB1623 regulates credit card interest rates, late fees, and surcharges for credit card transactions.

Arizona SB1623 sets a maximum interest rate of fifteen percent for credit card purchases, applicable to the previous twelve months of accrued interest. It limits credit card companies to a late fee of no more than $10, regardless of the credit card balance. The bill prohibits credit card merchants from adding surcharges to credit card charges. The attorney general is authorized to investigate and take action against violations. This act applies retroactively to twelve months before its effective date.