The proposed legislation, titled the "Arkansas Second Amendment Financial Privacy Act," aims to establish protections against discriminatory practices by financial institutions regarding transactions related to firearms. It introduces a new subchapter to the Arkansas Code, which includes definitions for various terms such as "financial institution," "merchant," and "firearm." The Act specifically prohibits payment card networks and covered entities from using merchant category codes that distinguish firearms retailers from other retailers, thereby preventing potential discrimination in processing transactions for firearms and related products.

Additionally, the Act restricts the ability of any person or government entity to maintain a registry of privately owned firearms or their owners, with certain exceptions for law enforcement during criminal investigations. It 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. The legislation also outlines the process for addressing violations, including the potential for civil penalties and injunctions against non-compliant entities. Overall, the Act seeks to enhance financial privacy for firearm-related transactions while ensuring compliance with existing laws.