This bill proposes to amend the Arizona Revised Statutes by adding a new article to title 44, chapter 35, specifically addressing credit card agreements. The new provisions would establish a maximum interest rate of fifteen percent for credit card purchases and allow a late fee of up to $10, irrespective of the credit card balance. Additionally, it would prohibit credit card merchants from imposing surcharges on credit card transactions. The bill also empowers the attorney general to investigate and take action against violations related to these provisions.

Furthermore, the bill includes a retroactive application clause, stating that the new regulations would apply to interest accrued in the twelve months preceding the effective date of the act. It is classified as an emergency measure, indicating that it would take effect immediately upon becoming law to ensure the preservation of public peace, health, or safety.