This bill aims to protect low- and moderate-income households, referred to as "affordable housing applicants," from the negative impacts of hard credit inquiries during the rental application process. It explicitly prohibits landlords from conducting hard credit inquiries on these applicants, allowing only soft credit inquiries, which do not affect credit scores. Violations of this provision would result in penalties, starting at $100 for the first offense and increasing to $200 for subsequent offenses within a one-year period.

Additionally, the bill mandates that consumer reporting agencies treat multiple hard credit inquiries for the same individual, made within a one-month period for rental applications, as a single hard inquiry. It also requires the Director of the Division of Housing and Community Resources to provide information on the bill's requirements on their website within six months of its enactment. This legislation seeks to ensure that affordable housing applicants are not unfairly penalized in their credit assessments when seeking rental housing.