SB16

Oklahoma SB16 creates the Oklahoma Second Amendment Financial Privacy Act to protect firearm retailers' privacy.

Oklahoma SB16, known as the Oklahoma Second Amendment Financial Privacy Act, prohibits financial institutions from labeling or associating merchant category codes with firearm retailers or firearm-related transactions. It defines "covered entity" as any entity processing such transactions. The Attorney General is authorized to investigate violations and issue written notices for cessation within 30 business days. Failure to comply can result in a civil fine of up to $1,000 per violation. The act also provides a defense if the merchant category code was required by law.