The proposed bill, known as the "Second Amendment Financial Privacy Act," aims to amend the South Carolina Code of Laws by adding Article 11 to Chapter 31, Title 23. This legislation defines key terms related to firearms and establishes that no government entity shall knowingly maintain records of privately owned firearms or their owners, except in the context of criminal investigations or as required by law. Additionally, it prohibits payment card networks and covered entities from using merchant category codes that distinguish firearm retailers from other retailers, thereby protecting the privacy of firearm transactions.

The bill outlines enforcement mechanisms, granting the Attorney General the authority to investigate violations and seek injunctions against entities that fail to comply. If a violation persists after notice, the Attorney General can impose civil fines of up to one thousand dollars per violation. The act emphasizes the protection of Second Amendment rights and establishes exclusive remedies for violations, ensuring that the enforcement of these provisions is centralized under the Attorney General's office. The bill will take effect upon the Governor's approval.