The bill establishes new 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 merchant category code that classifies firearms or ammunition sellers as distinct from other retailers, 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 prevent financial institutions from discriminating against firearm entities based on their involvement in lawful commerce related to firearms and ammunition. It specifies that a financial institution cannot decline a payment card transaction solely based on 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 ensure it does not alter existing contracts until they are renewed or modified after that date.

Statutes affected:
Introduced: 13-10-302