On May 7, ALA LEG enacted bill providing firearm transaction privacy.
ALA LEG enacted bill SB 281, entitled the Second Amendment Financial Privacy Act.
Bill Provisions
Prohibits financial institutions from using a merchant category code to identify firearms transactions and prohibits disclosure of financial information re firearms transactions.
Also prohibits governmental agency from creating/maintaining a registry of privately owned firearms or owners; prohibits declining a payment card transaction for firearms.
Legislative History
On Apr. 4, 2024, bill introduced in Senate; on Apr. 23, 2024, bill passed in Senate.
On Apr. 23, 2024, bill delivered to House; on Apr. 30, 2024, bill was passed in House.
On May 7, 2024, bill was approved by the governor, assigned Act Number 2024-232.
Effectiveness
This act shall become effective on Oct. 1, 2024.
Regulators
ALA LEG
Entity Types
Bank; CNSM
Reference
Act 2024-232, Bill, SB281, 5/7/2024
Functions
Compliance; Legal; Operations; Record Retention; Reporting
