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 27, 2024
BILL NUMBER: HB 1084 BILL AMENDED: Feb 26, 2024
SUBJECT: Privacy of Firearms Financial Transactions.
FIRST AUTHOR: Rep. Teshka BILL STATUS: As Passed Senate
FIRST SPONSOR: Sen. Baldwin
FUNDS AFFECTED:XGENERAL IMPACT: State & Local
XDEDICATED
FEDERAL
Summary of Legislation: 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 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.
The bill provides that, with respect to any person that is not a financial services provider subject to regulation
by a financial regulator, the Attorney General is responsible for enforcing the bill's prohibition against
knowingly or willfully keeping any list, record, or registry of: (1) privately owned firearms; or (2) the owners
HB 1084 1 of firearms. It also provides that upon receiving notice of an alleged violation of this prohibition, the
Attorney General shall investigate the alleged violation in accordance with the Attorney General's
investigative demand procedures, subject to the statutory confidentiality provisions that apply to such
procedures.
Effective Date: October 1, 2024.
Explanation of State Expenditures: Attorney General: The bill would increase workload for the Attorney
General to the extent the Attorney General investigates violations of the bill’s provisions. Increases in
workload are expected to be accomplished within existing resource and funding levels.
Department of Financial Institutions (DFI): The DFI would see 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: Firearms Financial Transactions Violation: The bill may increase revenue
to the state General Fund from civil penalties for violations of the bill’s provisions. The maximum civil
penalty for a violation of the bill’s provisions is $10,000.
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.
Court Fee Revenue: If additional civil cases occur and court fees are collected, revenue to the state General
Fund will increase. The total revenue per case would range between $100 and $122. The amount deposited
will vary depending on whether the case is filed in a court of record or a municipal court. The following
linked document describes the fees and distribution of the revenue: Court fees imposed in civil, probate, and
small claims cases.
Explanation of Local Expenditures:
Explanation of Local Revenues: Court Fee Revenue: If additional cases occur, revenue will be collected
by certain local units. If the case is filed in a court of record, the county will receive $32 and qualifying
municipalities will receive a share of $3. If the case is filed in a municipal court, the county receives $20,
and the municipality will receive $37. The following linked document describes the fees and distribution of
the revenue: Court fees imposed in civil, probate, and small claims cases.
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, Office of the Attorney General.
HB 1084 2 Local Agencies Affected: Trial courts, city and town courts.
Information Sources: Indiana Supreme Court, Indiana Trial Court Fee Manual.
Fiscal Analyst: Nate Bodnar, 317-234-9476.
HB 1084 3