The proposed bill aims to enhance consumer protection by prohibiting the retention and discrimination of records based on firearms codes during payment card transactions. It establishes definitions for key terms such as "customer," "financial institution," and "firearms code," and outlines that no government entity, financial institution, or individual may maintain lists or records of privately owned firearms or their owners. Additionally, financial institutions are barred from requiring the use of firearms codes in a manner that distinguishes firearm entities from other retailers. The bill also stipulates that protected financial information cannot be disclosed unless required by law, and it allows the attorney general to investigate violations and impose civil penalties for non-compliance.

Furthermore, the bill amends existing law to explicitly prohibit discrimination against firearm entities by financial institutions, particularly in relation to lawful payment card transactions. It introduces new legal language that protects firearm entities from being treated unfairly based on their involvement in the lawful commerce of firearms and related products. The act is set to take effect on July 1, 2024, and clarifies that it will not alter any contracts established prior to its effective date.

Statutes affected:
Introduced: 13-10-302