This bill mandates that payment card networks must make the merchant category code for firearms and ammunition businesses, as established by the International Organization for Standardization on September 9, 2022, available to merchant acquirers by July 1, 2026. Furthermore, starting May 1, 2027, merchant acquirers are required to assign this specific merchant category code to firearms merchants. The bill defines key terms such as "firearms merchant," "merchant acquirer," and "payment card network," providing clarity on the entities involved in the transaction process for firearms and ammunition.

The bill also grants the Attorney General exclusive authority to enforce its provisions, allowing for civil actions against individuals or entities that violate the law. If a violation is confirmed by a court, penalties include a $10,000 civil penalty for each violation, injunctive relief to prevent further violations, and the recovery of reasonable attorneys' fees and costs. The Attorney General must provide written notice of any violations, and if the identified violation is cured within 30 days, no action will be taken against the violator.