Bill > S3706

This bill requires payment card networks and merchant acquirers to use a specific merchant category code (MCC) for businesses that primarily sell firearms, firearm accessories, and ammunition, as established by the International Organization for Standardization (ISO) on September 9, 2022. Beginning May 1, 2027, merchant acquirers must assign this specific MCC to firearms merchants located in the state. The bill gives the New Jersey Attorney General sole authority to enforce the law, with the ability to bring civil actions against violators. Penalties for non-compliance include a $10,000 civil penalty for each violation, potential injunctive relief, and payment of attorney's fees. Before taking legal action, the Attorney General must provide a 30-day notice allowing the business to cure the violation by addressing the issue and implementing policies to prevent future non-compliance. The bill defines key terms such as "firearms merchant" as a business physically located in the state with primary sales from firearms, accessories, or ammunition, and provides specific definitions for firearms, ammunition, and firearm accessories. This legislation aims to create a standardized way of identifying and tracking businesses primarily engaged in firearms-related sales through their payment processing systems.

Budget and Finance, Justice

https://www.njleg.state.nj.us/bill-search/2024/S3706