Bill Summary – FastDemocracy

HOUSE BILL NO. 4831
     June 20, 2023, Introduced by Reps. Johnsen, Thompson, Rigas, Schriver, Aragona, Smit, Beson,
        BeGole and Meerman and referred to the Committee on Insurance and Financial Services.
          A bill to prohibit financial institutions from using firearms
    codes under certain circumstances and prescribe civil sanctions.
                     THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
       Sec. 1. This act may be cited as the "Second Amendment
 financial privacy act".
       Sec. 3. As used in this act:
       (a) "Financial institution" means a person that provides
 financial transaction services, including, but not limited to, any
 of the following:
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       (i) A state or nationally chartered bank or a state or
 federally chartered savings and loan association, savings bank, or
 credit union whose deposits are insured by an agency of the United
 States government and that maintains a principal office or branch
 office located in this state under the laws of this state or the
 United States.
       (ii) A payment card network.
       (iii) An online payment provider.
       (iv) A cryptocurrency company.
       (v) An internet-based payment application.
       (vi) An acquirer.
       (vii) A payment facilitator.
       (b) "Firearms code" means the merchant category code approved
 by the International Organization for Standardization for the
 purpose of initiating a card-based transaction for firearms
 retailers.
       (c) "Firearms retailer" means a person that is engaged in the
 lawful business of selling or trading any of the following in this
 state:
       (i) A firearm.
       (ii) A firearm part, component, or accessory.
       (iii) Any ammunition.
       (iv) Any ammunition component, including, but not limited to,
 any powder or casing.
       (v) A product offered or sold at a firearms store.
       Sec. 5. A financial institution may not require a firearms
 retailer to use a firearms code that is different from that of a
 general transaction.
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       Sec. 7. A financial institution that violates this act may be
 ordered to pay a civil fine of not more than $10,000.00 per
 violation. A violation of this act may be prosecuted by the
 prosecutor of the county in which the violation occurred, or by the
 attorney general.
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