Bill > A5345

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 specialized MCC to firearms merchants located in the state. The bill defines a "firearms merchant" as a business where the highest sales value comes from selling firearms, accessories, or ammunition. The Office of the Attorney General has exclusive enforcement authority, with the power 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 written notice allowing the violator to cure the violation by addressing the issue and implementing prevention policies. The bill explicitly states that it does not create a private right of action, meaning individuals cannot sue for violations. The definitions in the bill carefully specify what constitutes a firearm, ammunition, and firearm accessory, ensuring precise application of the merchant category code requirement.

Budget and Finance, Justice

https://www.njleg.state.nj.us/bill-search/2024/A5345