ARIZONA HOUSE OF REPRESENTATIVES Fifty-sixth Legislature First Regular Session
	House: COM DP 6-4-0-0 | 3^rd Read 31-28-1-0 Senate: FIN DP 4-3-0-0 | 3^rd Read 16-13-1-0

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HB 2472: social credit; use; prohibition

Sponsor: Representative Montenegro, LD 29

Vetoed

Overview

Asserts this State may not require a bank to use a social credit score in determining whether to lend money.

History

A bank may lend up to 20% of its capital to a single borrow.  A bank may lend an additional 10% of its capital if the additional amounts are fully secured by readily marketable collateral that has a market value at least equal to the amount of the loan (A.R.S. § 6-352).

A bank uses certain factors in determining whether to lend money and the amount that is lent.  These factors may include a borrower's credit score, credit history, debt-to-income ratio, employment history, collateral and the type of loan and the loan term.

Provisions

1. Prohibits this State from requiring a bank or financial institution to use a social credit score when evaluating whether to lend money to a customer. (Sec. 1)

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5.                   HB 2472

6. Initials PRB           Page 0 Vetoed

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