Bill > SB1623

This bill establishes new regulations for credit card companies operating in Arizona, capping the annual interest rate on credit card purchases at fifteen percent and limiting late fees to a maximum of $10, regardless of the outstanding balance. It also prohibits merchants from adding any extra charges, known as surcharges, for using a credit card, and grants the Attorney General the authority to investigate and take action against violations of these provisions. The bill is declared an emergency measure, meaning it takes effect immediately upon passage to protect the public's peace, health, and safety, and its provisions apply retroactively to the twelve months preceding its effective date.