credit cards; interest rate; requirements

Arizona's SB 1623 caps credit card interest rates at 15% for all purchases and limits late fees to $10, regardless of account balance. It prohibits merchants from adding credit card surcharges to transactions and gives the attorney general authority to enforce these rules under existing statutes. The law applies retroactively to cover interest accrued within the past 12 months and takes immediate effect as an emergency measure. This bill directly affects credit card companies operating in Arizona and their customers by changing key fee structures.