ARIZONA STATE SENATE
Phoenix, Arizona
REVISED
credit cards; community
debts; exception
Requires
credit card debts to have both spouses’ names on the account and both spouses
to sign the application form in order for the debt to be communal.
Arizona
is one of nine states with community property laws. This means that any debt incurred during the marriage is the
responsibility of both individuals.
Creditors may pursue either spouse for a debt incurred by one
spouse. The proposed legislation limits
community debts involving credit cards.
It requires that both spouses sign the application form and that the
accounts be issued in both spouses’ names in order for it to bind the
community.
The
potential fiscal impact on credit card companies is unknown.
1. Restricts communal debts relating to credit cards, to those in which both spouses sign the application form and the accounts are issued in both names.
2. Makes technical changes
3. Provides for a general effective date.
Amendments Adopted by Committee
1. Clarifies that both spouses’ names appear on the credit card account.
Senate Action
FS DPA 4-3-0
Prepared by Senate Staff
February 10, 2000