The bill establishes protections for merchants selling firearms and ammunition by prohibiting financial institutions and payment processing entities from categorizing these merchants differently than general merchandise or sporting goods retailers. Specifically, it creates a new section in the law that forbids the assignment of a distinct merchant category code for firearms or ammunition sellers, ensuring they are treated similarly to other retail categories. Violations of this provision would result in a misdemeanor charge, with fines of $1,000 for each instance of improper classification.

Additionally, the bill amends existing law to prevent financial institutions from discriminating against firearm entities based on their involvement in lawful commerce related to firearms and ammunition. It specifies that discrimination cannot occur solely due to the assignment or non-assignment of a firearms or ammunition code. The act is set to take effect on July 1, 2025, and it includes provisions that protect existing contracts until they are renewed or modified after that date.

Statutes affected:
Introduced: 13-10-302