The proposed legislation, known as the "Arkansas Second Amendment Financial Privacy Act," aims to protect the financial privacy of individuals engaging in transactions related to firearms. It prohibits financial institutions and payment card networks from employing discriminatory practices, specifically by preventing the assignment of merchant category codes that distinguish firearms retailers from other retailers. This includes a ban on the use of the merchant category code 5723, which was previously approved for firearms retailers. The act also establishes definitions for various terms related to financial transactions and firearms, ensuring clarity in its enforcement.

Additionally, the bill empowers the Attorney General to enforce the provisions of the act, investigate alleged violations, and issue written notices to those believed to be in violation. If violations persist after notice, the Attorney General can seek injunctions and impose civil penalties. The act emphasizes that no person or government entity may maintain a registry of privately owned firearms or their owners, while still allowing law enforcement to keep records of stolen firearms. Overall, the legislation seeks to safeguard the financial privacy of firearm owners and retailers while establishing a framework for enforcement and compliance.