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ARIZONA STATE SENATE
Fifty-Seventh Legislature, Second Regular Session
VETOED
social credit; use; prohibition
Purpose
Prohibits the state from requiring a bank or financial institution to use a social credit score when evaluating whether to lend money to a customer.
Background
Statute authorizes and outlines the regulation and operation of financial institutions in Arizona. A financial institution is a bank, trust company, savings and loan association, credit union, consumer lender, international banking facility or financial institution holding company under the jurisdiction of the Department of Insurance and Financial Institutions. The Department of Insurance and Financial Institutions licenses, supervises and regulates state-chartered financial institutions and enterprises and is responsible for annual assessments of the financial institutions and enterprises to ensure the safety and stability of the financial services industry (A.R.S. Title 6).
There is no anticipated fiscal impact to the state General Fund associated with this legislation.
Provisions
1. Prohibits the state from requiring a bank or financial institution to use a social credit score when evaluating whether to lend money to a customer.
2. Becomes effective on the general effective date.
Governor's Veto Message
The Governor indicates in her veto message that H.B. 2903 is unnecessary.
House Action Senate Action
COM 2/3/26 DP 8-3-0-0 FIN 3/16/26 DP 4-3-0
3rd Read 3/3/26 33-23-3-0-1 3rd Read 4/1/26 17-12-1
Vetoed by the Governor 4/7/26
Prepared by Senate Research
April 10, 2026
MG/hk