NJ A2618

Landlords are prohibited from performing hard credit inquiries when evaluating affordable housing applicants, including those with tenant-based housing subsidies or applying for income-restricted units; soft credit inquiries are permitted instead.

Consumer reporting agencies must treat multiple hard credit inquiries for rental housing applications on the same individual within a one-month period as a single inquiry for credit reporting purposes.

Landlords who violate the hard credit inquiry prohibition face penalties up to $100 for a first offense, plus an additional $100 for a second violation and $200 for each subsequent violation within a one-year period.

The Division of Housing and Community Resources must publish information on its website about these requirements, including tenant rights and the impact of hard versus soft credit inquiries.

The act takes effect on the first day of the sixth month following enactment.