This bill mandates that by July 1, 2026, 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 that provide payment services for firearms merchants. Starting May 1, 2027, merchant acquirers are required to assign this specific merchant category code to firearms merchants. The bill also defines key terms such as "firearms merchant," "merchant acquirer," and "payment card network," providing clarity on the entities involved in the transaction process.

The enforcement of this act is exclusively under the authority of the Office of the Attorney General, which can initiate civil actions against violators. If a court finds a person in violation, they may face a civil penalty of $10,000 for each violation, injunctive relief to prevent further violations, and the obligation to pay reasonable attorneys' fees and costs associated with the enforcement action. However, the Attorney General must provide written notice of the violation at least 30 days prior to taking action, allowing the violator an opportunity to cure the violation within that timeframe.