This bill aims to prohibit the use of a firearms code by financial institutions for transactions involving firearms, accessories, components, and ammunition. It establishes definitions for key terms such as "ammunition," "firearm," "firearms dealer," and "financial institution," and outlines the responsibilities of these institutions regarding the handling of payment card transactions. Specifically, it prohibits financial institutions from requiring the use of a firearms code that distinguishes firearms dealers from other retailers and from discriminating against firearms dealers based on the assignment of such codes. The bill also mandates that no governmental entity may maintain a registry of privately owned firearms, except as required by law.

Additionally, the bill empowers the attorney general to investigate violations and enforce compliance, including the issuance of civil penalties for non-compliance. If a violation is found, the attorney general can seek an injunction against the violator, and failure to comply with an injunction may result in a civil penalty of up to $25,000. The bill also clarifies that disclosing information to federal entities is not a valid defense unless it is based on a good faith belief that such disclosure is required by federal law. Overall, the legislation seeks to protect the rights of firearms dealers and customers while imposing penalties for violations of its provisions.