This is a truly bizarre condition. Many states have maximum rates on loans, but this isn't a loan. But then you would have to look at the exact wording of the state's usury law. In Washington, one reads RCW 19.52. Even though the intent was to limit interest on loans, what it actually says in 19.52.020 is
(1) Any rate of interest shall be legal so long as the rate of
interest does not exceed the higher of: (a) Twelve percent per annum;
or (b) four percentage points above...
(complex jibber-jabber regarding T-bills omitted). However in Arizona (where LeadMD operates), ARS 44-1201(A) says
Interest on any loan, indebtedness or other obligation shall be at the
rate of ten per cent per annum, unless a different rate is contracted
for in writing, in which event any rate of interest may be agreed to.
which means that there is no upper limit. The maximum amount permitted by law is infinity. The state statute does not say that the 10% figure kicks in just in case a contract fails to explicitly name the numeric percentage: I'm willing to bet that the courts would disallow an infinite interest rate, as an absurdity.
Idaho repealed its usury law in 1983, so there is no upper limit and there is no "X or as stated in the contract" law in Idaho. So the maximum legal rate is infinity, the alternative rate is 1.5% per month, and infinity is greater than 1.5% per month. In this case, one could use an unconscionability argument to void the contract. In which case, the company would probably opt to interpret the limit as 1.5% per month.