The bill establishes new regulations regarding the categorization of firearms and ammunition merchants in Wyoming. It prohibits payment settlement entities, merchant acquiring entities, and third-party settlement organizations from assigning a separate merchant category code to sellers of firearms and ammunition, mandating that they be classified alongside general merchandise or sporting goods retailers. Additionally, it restricts entities involved in payment card transactions from requiring merchants to use a code that identifies them specifically as firearms or ammunition retailers.

Violations of this new regulation will result in a misdemeanor charge, with penalties set at a fine of $1,000 for each instance of improper classification. The bill is set to take effect on July 1, 2024.