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.
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.