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 and ammunition. 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 based on the assignment of such codes. Additionally, it restricts the disclosure of financial records related to firearms transactions unless required by law.

Enforcement provisions are included, 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 bill also allows affected firearms retailers or customers to petition the Attorney General for investigations and to file lawsuits if necessary. Overall, the legislation seeks to ensure that lawful commerce involving firearms is not suppressed through financial discrimination.