Missouri Senate Bill SB216

Missouri 2025 Regular Session

• Introduced: 1/8/25
• Refer: 2/3/25

Caption

Creates the Second Amendment Financial Privacy Act

Impact

Should SB216 be enacted, it will directly impact the practices of financial institutions operating in Missouri by preventing them from requiring a firearms merchant category code for transactions at firearms retailers. This legislative change is intended to maintain the privacy of consumers and ensure that they are not unfairly singled out for their purchases. Financial institutions, under the new statute, will not be able to discriminate against transactions based solely on this merchant category identification, which could potentially lessen the risk of profile-related issues for lawful firearm purchasers.

Summary

Senate Bill 216, titled the 'Second Amendment Financial Privacy Act', aims to amend Missouri statutes to ensure that financial institutions cannot use a specific merchant category code that distinguishes firearms retailers from other types of retailers. By prohibiting the discriminatory use of the firearms merchant category code, the bill seeks to protect the financial privacy of residents making lawful purchases of firearms and related materials. The act comes in response to concerns that such categorization could lead to the tracking and discrimination of lawful firearm purchases, thereby infringing on Second Amendment rights.

Contention

The bill is expected to generate notable debate regarding its implications for financial oversight and consumer protection. Proponents argue that the bill is crucial for safeguarding the privacy rights of gun owners and protecting against potential stigma in the marketplace related to firearm purchases. However, opponents may express concern that such legislation could obstruct financial regulation measures intended to combat illegal activities surrounding firearms. There is also a notable emphasis on how this bill may affect broader financial practices and relationships between retailers, consumers, and financial institutions.