The proposed legislation, titled the "Second Amendment Financial Privacy Act," aims to protect the financial privacy of firearm owners by prohibiting financial institutions and payment networks from engaging in discriminatory practices related to transactions involving firearms. The bill introduces a new subchapter to the Arkansas Code, which includes definitions for terms such as "firearm," "firearms retailer," and "protected financial information." It specifically prohibits financial institutions from using a firearms code to distinguish firearms retailers from other merchants, and it prevents them from discriminating against customers or merchants based on their involvement in lawful firearm transactions.

Additionally, the bill outlines enforcement mechanisms, allowing the Attorney General to investigate violations and issue written notices to offending entities. If violations persist, the Attorney General can seek injunctions and impose civil penalties of up to $10,000 for each violation. The legislation emphasizes the importance of protecting the rights of firearm owners and ensuring that their financial transactions are not unfairly targeted or restricted based on their lawful purchases.