The bill aims to protect the financial privacy of customers engaging in lawful firearms and ammunition purchases by prohibiting financial institutions from disclosing or using protected financial information related to these transactions. It establishes that a financial institution cannot disclose a customer's protected financial information unless required by law, authorized by the customer, or pursuant to a valid warrant or subpoena. Additionally, the bill prohibits discrimination against customers based on the assignment of a firearms code, which could lead to unfair treatment in transactions involving firearms retailers.

Furthermore, the bill allows customers to take civil action against financial institutions or government entities that violate these provisions, with specified damages for negligent, reckless, or intentional violations. It also amends existing law to clarify that governmental entities are liable for damages resulting from violations of this act. The effective date for the bill is set for July 1, 2023.

Statutes affected:
Introduced: 1-39-104