Tennessee House Bill HB1900

Tennessee 2023-2024 Regular Session

• Introduced: 1/22/24
• Refer: 1/25/24

Caption

AN ACT to amend Tennessee Code Annotated, Title 29; Title 45 and Title 47, relative to the use of merchant codes.

Impact

If enacted, HB1900 would alter existing regulatory frameworks that govern financial institutions in Tennessee. It aims to ensure that firearms and ammunition sellers are treated equally with other types of retail entities in payment processing contexts. The bill also establishes penalties for entities that violate this classification rule, including fines up to $10,000 per violation, and provides a framework for aggrieved parties to seek judicial review of penalties imposed.

Summary

House Bill 1900 seeks to amend the Tennessee Code regarding how merchant codes are assigned to sellers of firearms and ammunition. Specifically, the bill prohibits financial institutions and payment processors from classifying such merchants separately from general merchandise or sporting goods retailers. This legislative move is positioned as a means to prevent discriminatory practices that could impact businesses selling firearms and ammunition, aligning with broader discussions around the rights of gun sellers in the state.

Sentiment

The sentiment surrounding HB1900 appears to be supportive among those advocating for gun rights and business equality. Proponents argue that this bill is necessary to prevent financial institutions from exerting undue influence over the firearms market through discriminative coding practices. However, there may be some dissent regarding the implications of such regulations on broader issues of consumer safety and financial accountability.

Contention

The most notable point of contention is the balance between protecting the rights of firearms sellers and ensuring responsible financial practices. Critics might argue that by preventing specific classifications, the bill could hinder efforts to monitor and regulate financial transactions related to firearms, potentially complicating compliance with federal regulations aimed at controlling firearm sales. The bill may spark debate over state versus federal oversight and the implications of financial institutions supporting or hindering various types of commerce.