The "Second Amendment Financial Privacy Act" aims to enhance the privacy of firearm ownership 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 "ammunition," "firearm," "payment card," and "firearm retailer," and establishes that payment card networks and covered entities cannot use merchant category codes to distinguish firearm retailers from other merchants.

Additionally, the bill outlines enforcement mechanisms, granting the Attorney General the authority to investigate violations and seek injunctions against non-compliant entities. If a violation is not rectified within thirty business days of notification, the Attorney General can pursue 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, taking effect upon the Governor's approval.