Creates provisions relating to tracking of firearms purchases by financial institutions
HB 1629 would add a new section to Missouri’s financial institutions law to restrict how banks and other covered financial entities may use merchant category codes or other payment-card data in connection with firearms-related purchases. The bill defines terms such as customer, financial institution, firearms retailer, firearms code, and financial record, and then prohibits a financial institution from requiring use of the firearms code in a way that distinguishes Missouri firearms retailers from general merchandise or sporting goods retailers.
The bill also bars financial institutions from declining lawful card transactions, limiting or refusing business, charging higher fees, or otherwise taking action intended to suppress lawful firearms commerce based solely or partly on a merchant’s or customer’s firearms-related business. It further restricts disclosure of financial records, including firearms codes, if those records were collected in violation of the section.
HB 1629 would create a new state-law cause of action and enforcement framework under chapter 407, RSMo, aimed at financial institutions that track or treat firearms-related transactions differently. The attorney general would investigate alleged violations, issue notice, and seek injunctions; firearms retailers or affected customers could also petition for investigation and, if the attorney general does not act within 90 days, file suit to enjoin the conduct. Courts could impose civil penalties of up to $10,000 per violation for willful noncompliance with an injunction, along with attorney’s fees and related costs. The bill would affect banks, credit unions, payment processors, broker-dealers, insurers, and similar entities doing business in Missouri, as well as firearms retailers and customers involved in lawful firearms transactions.
The available context suggests the bill is framed positively by its sponsor as a protection for lawful firearms commerce and Second Amendment rights, with no recorded committee transcript or vote data showing organized opposition or support in the provided materials. The structure of the bill, including enforcement by the attorney general and private petition rights, indicates a strong policy preference for preventing financial institutions from using payment data to identify or disadvantage firearms-related businesses. Because no votes or hearing testimony are included, the broader legislative sentiment cannot be measured from the record provided, but the bill’s text reflects a clear pro-firearms, anti-discrimination posture.
The main point of contention is likely whether financial institutions should be allowed to use merchant category codes or similar transaction data to monitor firearms purchases, versus whether doing so constitutes improper discrimination against lawful firearms commerce. Supporters would view the bill as preventing banks from “debanking” or penalizing firearms retailers and customers, while critics may argue it limits risk management, compliance, and transaction monitoring tools used by financial institutions. Another possible point of dispute is the bill’s enforcement scheme, which allows attorney general action, private petitions, injunctions, and civil penalties tied to perceived harm to Second Amendment rights.