The "Second Amendment Financial Privacy Act" aims to protect the privacy of firearm owners in South Carolina by prohibiting government entities from maintaining records of privately owned firearms and their owners, except in specific circumstances related to criminal investigations. The bill introduces definitions for key terms such as "firearm," "firearm retailer," and "merchant category code," and establishes that no government entity or official shall knowingly keep a list or registry of privately owned firearms. Additionally, it restricts payment card networks and covered entities from using merchant category codes that distinguish firearm retailers from other retailers.

The bill also outlines enforcement mechanisms, granting the Attorney General the authority to investigate violations and seek injunctions against non-compliant entities. If a violation is not remedied within thirty business days of notification, the Attorney General can pursue legal action, which may result in civil fines of up to one thousand dollars per violation. The act emphasizes that the remedies provided are exclusive, and it will take effect upon the Governor's approval.