LEGISLATIVE SERVICES AGENCY
OFFICE OF FISCAL AND MANAGEMENT ANALYSIS
200 W. Washington St., Suite 301
Indianapolis, IN 46204
(317) 233-0696
iga.in.gov
FISCAL IMPACT STATEMENT
LS 6643 NOTE PREPARED: Feb 22, 2024
BILL NUMBER: HB 1084 BILL AMENDED: Feb 22, 2024
SUBJECT: Privacy of Firearms Financial Transactions.
FIRST AUTHOR: Rep. Teshka BILL STATUS: CR Adopted - 2
nd
House
FIRST SPONSOR: Sen. Baldwin
FUNDS AFFECTED: GENERAL IMPACT: State
XDEDICATED
FEDERAL
Summary of Legislation: (Amended) This bill prohibits a governmental entity or any other person from
knowingly or willfully keeping any list, record, or registry of: (1) privately owned firearms; or (2) the owners
of firearms; with respect to Indiana consumers.
The bill defines a "firearms code" as a merchant category code approved by the International Organization
for Standardization specifically for firearms retailers. It provides that in a payment card transaction, a
merchant acquirer or a payment card network may not: (1) assign; or (2) require the assignment of; a firearms
code in a way that distinguishes a firearms retailer with at least one physical location in Indiana from general
merchandise retailers or sporting goods retailers. It prohibits a financial services provider from declining or
otherwise refusing to process a lawful payment card transaction based solely on the assignment or
nonassignment of a firearms code to the payment card transaction. It prohibits a financial services provider
from disclosing a financial record that: (1) is related to a payment card transaction; and (2) includes protected
financial information, including a firearms code used, collected, or assigned in violation of the bill's
provisions. It also specifies that the bill's provisions apply only to a payment card transaction that is initiated
after June 30, 2024, at a firearms retailer that is physically located in Indiana.
The bill also provides that the applicable primary financial regulator with jurisdiction over a financial
services provider subject to the bill's provisions is responsible for enforcing the financial services provider's
compliance with those provisions.
Effective Date: (Amended) October 1, 2024.
Explanation of State Expenditures: (Revised) The Department of Financial Institutions (DFI) would see
HB 1084 1 a minor increase in workload for examiners to enforce the bill’s provisions for financial service providers.
The bill’s requirements are within the agency’s routine administrative functions and should be able to be
implemented with no additional appropriations, assuming near customary agency staffing and resource levels.
Explanation of State Revenues: (Revised) DFI may see an increase in revenue to Financial Institutions
Fund from penalties to the extent that financial service providers violate the bill’s provisions. Actual revenue
increases are indeterminable but expected to be minimal.
The DFI is funded through money deposited into the Financial Institutions Fund, which is a dedicated fund
that receives fees and penalties collected under IC 28-1. The money from the fund is appropriated to the DFI.
The FY 2024 appropriation to the DFI is about $9.3 M.
Explanation of Local Expenditures:
Explanation of Local Revenues: (Revised) The current practices of the law enforcement agencies and
courts would not be impacted because their activities are otherwise required by law. There is no expected
fiscal impact to law enforcement agencies and courts.
State Agencies Affected: Department of Financial Institutions.
Local Agencies Affected:
Information Sources:
Fiscal Analyst: Nate Bodnar, 317-234-9476.
HB 1084 2