I can not predict what the unintended consequences will be if this (and the not allowing to ask about criminal behavior) is put into law, but I can predict there will be some.
The country has done extremely well without the use of credit checks in deciding who to hire at until the last 10 years or so. Come to think of it, the last 10 years the economy has been rather chaotic...is the current business psychology that also encompasses the use of credit checks on candidates for hire part of the problem?