The proposed legislation, known as the "Second Amendment Financial Privacy Act," aims to amend existing laws concerning financial institutions in Arkansas. It specifically prohibits these institutions from using certain firearm-related codes to discriminate against customers engaging in lawful purchases of firearms and ammunition. The act outlines the legislative findings that underscore the importance of protecting the rights guaranteed by the Second Amendment and the Arkansas Constitution, particularly in light of new merchant category codes that could facilitate surveillance of firearm transactions. The bill establishes definitions for key terms, such as "financial institution," "firearms code," and "protected financial information," to clarify the scope of the law.

Additionally, the act includes provisions for enforcement, allowing the Attorney General to investigate violations and issue written notices to financial institutions found in breach of the law. If a financial institution fails to comply, the Attorney General can seek an injunction against it. Individuals harmed by violations of this act are also granted the right to file civil actions. The legislation is set to take effect on September 1, 2023.