HB 2162 Summary

• Amends Arizona's statute of limitations for debt actions to specify that credit card and revolving debt agreements entered into pursuant to section 44-7801 have a six-year limitation period, with the accrual date being the last payment date or the charge-off date if no payments occur.

• Modifies the foreign judgment statute to clarify that credit card or revolving debt agreements executed pursuant to section 44-7801 are governed by Arizona law.

• Creates a new chapter 35 in Title 44 establishing that credit card or other revolving debt agreements entered into with Arizona residents are governed by Arizona law.

• Defines "credit card" to have the same meaning as prescribed in section 13-2101 of the Arizona Revised Statutes.