The bill amends Section 18-3326A of the Idaho Code, which pertains to the Second Amendment Financial Privacy Act. Key changes include the insertion of language that clarifies the definitions of "assignment" and "financial institution," specifically stating that a financial institution's or payment network's policy must not label or associate a firearms code with a transaction in a way that identifies it as related to firearms. Additionally, the bill prohibits financial institutions and payment networks from requiring the use of a firearms code that distinguishes firearms retailers from other merchants, and it prevents discrimination against firearms retailers based on the assignment of such codes.

Furthermore, the bill establishes enforcement mechanisms, allowing the attorney general to investigate violations and issue written notices to entities believed to be in violation. If an entity fails to comply with the attorney general's notice, the attorney general can pursue an injunction against them. The bill also outlines penalties for non-compliance, including civil penalties of up to $10,000 per violation. The act is set to take effect on July 1, 2025, due to an emergency declaration.

Statutes affected:
Bill Text: 18-3326A