The proposed bill aims to protect firearms and ammunition merchants from being categorized separately from general merchandise or sporting goods retailers by financial institutions and payment processing entities. It establishes that these entities cannot assign a merchant category code that classifies a seller of firearms or ammunition differently, except as required by federal law. 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 prohibit financial institutions from discriminating against firearm entities based on their involvement in lawful commerce related to firearms and ammunition. It specifies that declining a payment card transaction solely based on the assignment of a firearms or ammunition code is considered discriminatory. The act will take effect on July 1, 2025, and will not affect contracts entered into before that date unless they are renewed, extended, or modified thereafter.

Statutes affected:
Introduced: 13-10-302