On Apr. 3, ARK LEG enacted bill on firearm purchase merchant codes.
ARK LEG enacted bill HB 1509 related to financial institution discriminatory practices.
Amends ARK FIN 23-2-32 by adding new subchapter related to financial privacy.
Bill Provisions
Payment card network shall not require use of merchant category code that distinguishes firearms retailer from other retailers, does not apply outside of the state.
Covered entity or its agent shall not assign firearms retailer a merchant category code that distinguishes it from other retailers, including merchant category code 5723.
Merchant shall not assign code 5723 to purchase of firearms, components, ammunition
A person, unit of government, or governmental organization shall not knowingly keep a registry of privately owned firearms or owners of a privately owned firearms.
Does not prevent an owner or representative from maintaining list of owner's firearms or prohibit law enforcement from maintaining registry of reported or stollen firearms.
Attorney general may enforce and investigate alleged violations, may impose penalties
Legislative History
On Feb. 17, 2025, bill was introduced in House; on Mar. 18, 2025, bill passed House.
On Mar. 18, 2025, bill was introduced in Senate; on Mar. 31, 2025, bill passed Senate.
On Apr. 3, 2025, bill was signed into law by the governor and assigned Act 452.
Effectiveness
Act effective 91 days after legislature adjourned sine die (May 5), so Aug. 4, 2025.
Regulators
ARK LEG
Entity Types
Bank; Corp; MSB
Reference
Act 452, Bill HB1509, 4/3/2025; Citation: ARK FIN 23-2-32;
Functions
Compliance; Financial; Legal; Operations; Privacy; Record Retention; Reporting; Risk
