2005 Arizona Revised Statutes - Revised Statutes §6-140  Credit cards; reporting rates; quarterly report of superintendent; definition

A. A financial institution which issues revolving loan accounts resulting from credit card accounts to persons residing in this state shall report to the superintendent the financial institution's current interest rate for all such credit card accounts. The report shall include the following information, if applicable:

1. The interest rate for the credit card as an annual percentage rate as that term is defined in the federal consumer credit protection act (15 United States Code section 1606). If interest rates vary depending on the outstanding balances, the financial institution shall disclose that rate separately.

2. The annual fee charged for obtaining the credit card.

3. The amount of any late payment or delinquency charge.

4. The existence of a grace period during which no interest is charged on the outstanding balance.

5. The minimum monthly payment.

6. The amount or method of determining any other charge permitted by section 44-1205, subsection C.

7. Any inducement offered by a financial institution to a holder of its credit card or an applicant for its credit card.

B. Within thirty days after a change in the information required by subsection A of this section the financial institution shall report such change to the superintendent.

C. The superintendent shall at least quarterly compile a report of the interest rates of each financial institution for the types of credit card accounts issued to persons in this state. The superintendent shall distribute this report in a manner deemed appropriate by the superintendent, and the superintendent shall make the report available to the public for inspection and copying.

D. For the purposes of this section, in addition to the entities included in the definition in section 6-101, paragraph 8, "financial institution" also includes a national bank, federal savings bank, federal savings and loan association or federal credit union with its home office in this state or with a branch in this state.