Bill > HB1509

This bill creates the Arkansas Second Amendment Financial Privacy Act, which aims to prevent financial institutions and payment networks from discriminating against or tracking businesses and customers involved in firearms-related transactions. The bill prohibits payment card networks and financial institutions from using specific merchant category codes that single out firearms retailers, effectively blocking attempts to create a separate classification for businesses selling firearms, ammunition, or firearm accessories. The law defines numerous terms related to financial transactions, firearms, and financial institutions, and establishes a comprehensive framework for enforcement. Under the bill, the Attorney General has the authority to investigate potential violations, provide written notices to entities believed to be in violation, and seek injunctions or civil penalties up to $10,000 for non-compliance. Additionally, the bill includes provisions that prevent the creation of registries of privately owned firearms and ensures that law enforcement can still maintain records of stolen firearms. The legislation also protects financial institutions from being compelled to disclose confidential information and provides a defense for entities that made a good faith determination that their actions were legally required. Notably, the bill does not create a private right of action, meaning individuals cannot sue directly under this law.