The bill establishes new regulations regarding the use of merchant category codes in financial transactions related to the purchase of firearms and ammunition in Wyoming. Specifically, it mandates that any merchant category codes used for these purchases must only identify the items as sporting goods. Additionally, financial institutions, credit card companies, and payment processing systems are prohibited from generating or collecting any personally identifying information beyond what is necessary to categorize these purchases as sporting goods. The banking commissioner is tasked with adopting rules to implement these provisions.

The act is set to take effect on July 1, 2023, with the exception of the sections pertaining to the banking commissioner's rule adoption, which will become effective immediately upon the completion of necessary legislative processes. This legislation aims to enhance privacy for consumers purchasing firearms and ammunition while ensuring that such transactions are classified appropriately within the financial system.