AZ HB2607

Amends Arizona law governing retail installment contracts for motor vehicles by modifying late payment charge provisions.

Changes late payment charge language from "upon" to "on" the tenth day after a due date, clarifying that charges apply if installment is unpaid on that date.

Removes the "$10 maximum" cap for late payment charges in standard retail installment contracts, replacing it with a flat 5% of unpaid installment balance cap.

Maintains existing 5% late payment charge limit for commercial transactions without the previous dollar cap restriction.

Applies changes to secondary motor vehicle finance transactions subject to the act's tiered interest rate limits based on loan amount.