Bill > SB824

This bill introduces a comprehensive framework to protect customers' financial information related to firearms purchases by prohibiting financial institutions from disclosing or misusing transaction data associated with firearms retailers. The legislation defines several key terms, including "firearms code" (a merchant category code identifying firearms-related transactions) and "protected financial information" (records of sales or purchases characterized by a firearms code). The bill restricts financial institutions from disclosing a customer's protected financial information except under specific circumstances, such as when required by law, with a valid criminal warrant, through customer written authorization, or via a subpoena. Additionally, the bill prohibits financial institutions from engaging in discriminatory practices based on firearms codes, such as declining transactions, charging higher fees, or limiting business with customers or merchants who engage in lawful firearms commerce. If a financial institution violates these provisions, customers can pursue civil action and potentially recover damages ranging from $10,000 to $30,000, depending on the nature of the violation, and the court may also award attorney fees. The law is set to take effect on November 1, 2025, and aims to protect individuals' privacy and prevent potential discrimination in financial transactions related to firearms.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb824&Session=2600