| 1 | 1 | | HOUSE BILL NO. 4831 A bill to prohibit financial institutions from using firearms codes under certain circumstances and prescribe civil sanctions. the people of the state of michigan enact: Sec. 1. This act may be cited as the "Second Amendment financial privacy act". Sec. 3. As used in this act: (a) "Financial institution" means a person that provides financial transaction services, including, but not limited to, any of the following: (i) A state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and that maintains a principal office or branch office located in this state under the laws of this state or the United States. (ii) A payment card network. (iii) An online payment provider. (iv) A cryptocurrency company. (v) An internet-based payment application. (vi) An acquirer. (vii) A payment facilitator. (b) "Firearms code" means the merchant category code approved by the International Organization for Standardization for the purpose of initiating a card-based transaction for firearms retailers. (c) "Firearms retailer" means a person that is engaged in the lawful business of selling or trading any of the following in this state: (i) A firearm. (ii) A firearm part, component, or accessory. (iii) Any ammunition. (iv) Any ammunition component, including, but not limited to, any powder or casing. (v) A product offered or sold at a firearms store. Sec. 5. A financial institution may not require a firearms retailer to use a firearms code that is different from that of a general transaction. Sec. 7. A financial institution that violates this act may be ordered to pay a civil fine of not more than $10,000.00 per violation. A violation of this act may be prosecuted by the prosecutor of the county in which the violation occurred, or by the attorney general. |
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| 25 | 25 | | HOUSE BILL NO. 4831 |
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| 28 | 28 | | |
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| 29 | 29 | | A bill to prohibit financial institutions from using firearms codes under certain circumstances and prescribe civil sanctions. |
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| 30 | 30 | | |
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| 31 | 31 | | the people of the state of michigan enact: |
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| 32 | 32 | | |
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| 33 | 33 | | Sec. 1. This act may be cited as the "Second Amendment financial privacy act". |
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| 34 | 34 | | |
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| 35 | 35 | | Sec. 3. As used in this act: |
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| 37 | 37 | | (a) "Financial institution" means a person that provides financial transaction services, including, but not limited to, any of the following: |
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| 38 | 38 | | |
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| 39 | 39 | | (i) A state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and that maintains a principal office or branch office located in this state under the laws of this state or the United States. |
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| 41 | 41 | | (ii) A payment card network. |
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| 42 | 42 | | |
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| 43 | 43 | | (iii) An online payment provider. |
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| 45 | 45 | | (iv) A cryptocurrency company. |
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| 47 | 47 | | (v) An internet-based payment application. |
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| 48 | 48 | | |
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| 49 | 49 | | (vi) An acquirer. |
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| 50 | 50 | | |
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| 51 | 51 | | (vii) A payment facilitator. |
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| 52 | 52 | | |
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| 53 | 53 | | (b) "Firearms code" means the merchant category code approved by the International Organization for Standardization for the purpose of initiating a card-based transaction for firearms retailers. |
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| 54 | 54 | | |
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| 55 | 55 | | (c) "Firearms retailer" means a person that is engaged in the lawful business of selling or trading any of the following in this state: |
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| 56 | 56 | | |
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| 57 | 57 | | (i) A firearm. |
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| 58 | 58 | | |
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| 59 | 59 | | (ii) A firearm part, component, or accessory. |
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| 60 | 60 | | |
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| 61 | 61 | | (iii) Any ammunition. |
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| 62 | 62 | | |
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| 63 | 63 | | (iv) Any ammunition component, including, but not limited to, any powder or casing. |
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| 64 | 64 | | |
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| 65 | 65 | | (v) A product offered or sold at a firearms store. |
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| 66 | 66 | | |
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| 67 | 67 | | Sec. 5. A financial institution may not require a firearms retailer to use a firearms code that is different from that of a general transaction. |
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| 68 | 68 | | |
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| 69 | 69 | | Sec. 7. A financial institution that violates this act may be ordered to pay a civil fine of not more than $10,000.00 per violation. A violation of this act may be prosecuted by the prosecutor of the county in which the violation occurred, or by the attorney general. |
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