Senate Bill No. 16, known as the Oklahoma Second Amendment Financial Privacy Act, aims to protect the financial privacy of individuals who own firearms by prohibiting the collection of certain financial records related to firearm purchases. The bill defines key terms such as "firearm," "firearm retailer," and "merchant category code," and establishes that no government entity or official may maintain a registry of privately owned firearms or their owners. Additionally, it prohibits payment card networks and covered entities from using merchant category codes that distinguish firearm retailers from other retailers, thereby preventing potential discrimination against firearm purchasers.

The bill grants the Attorney General the authority to investigate violations and enforce its provisions, including the ability to issue written notices to alleged violators and seek civil fines for non-compliance. If a violation is found, the Attorney General can file an action against the offending party, and courts are empowered to impose injunctions and award attorney fees. The act is set to take effect on November 1, 2025, and includes specific defenses for entities that may be required by law to use certain merchant category codes.