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, ammunition, and related accessories. 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 requiring the use of a firearms code that distinguishes firearms retailers from other merchants and from discriminating against these retailers in various ways, including declining transactions or charging higher fees based on the assignment of a firearms code.

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 subjected to undue scrutiny or discrimination based on their lawful purchases.