Tennessee Bill Preventing Credit Card Codes For Firearms Store Sales Signed Into Law
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The Center Square [By Jon Styf] –
Credit card companies and banks in Tennessee cannot use a separate code to designate sales at firearms retailers in the state after Gov. Bill Lee signed a bill into law.
Senate Bill 2223 prevents banks and credit card companies from requiring firearms retailers to have a separate merchant category code to separate firearms purchases and protects financial records of firearms purchases from being disclosed unless required by law.
The International Organization of Standardization recommended that financial institutions begin using a unique merchant category code specifically for transactions at firearms stores in 2022.
The law makes a violation of the merchant code ban up to a $10,000 civil penalty that results in an investigation from the attorney general.
