This bill aims to prohibit the use of a firearms code by financial institutions for transactions involving firearms, accessories, components, and ammunition, establishing civil penalties for violations. It introduces several definitions, including "firearm," "ammunition," "financial institution," and "firearms dealer," to clarify the terms used throughout the legislation. The bill specifically prohibits financial institutions from requiring the use of a firearms code that distinguishes firearms dealers from other retailers and prevents them from discriminating against firearms dealers based on the assignment of such codes. Additionally, it mandates that no governmental entity may maintain a registry of privately owned firearms or their owners, except as required by law.

The bill empowers the attorney general to investigate alleged violations and provides a process for individuals or entities to petition for such investigations. If a violation is confirmed, the attorney general can seek an injunction against the violator, and if the violation continues, a civil penalty of up to $25,000 may be imposed. The bill also stipulates that it is not a valid defense if information was disclosed to a federal entity unless it was required by federal law. Overall, the legislation seeks to protect the rights of firearms dealers and customers while imposing strict penalties for non-compliance.