This Amendment does all of the following: (1) Defines “financial institution”.

Plain English Breakdown

Checked against official source text during the last sync.

Amendment Defining Financial Institutions and Firearm Transaction Reporting

This amendment defines what counts as a financial institution, requires them to report firearm purchases over $1,000 to state officials, clarifies that time limits in the law count only business days, and adds these entities to lists regarding violations and policy statements.

What This Bill Does

• Defines 'financial institution' to include banks, trust companies, payment card networks, and payment card issuers involved in processing payments or debit card transfers.
• Requires financial institutions to report firearm purchases exceeding $1,000 to the State Bureau of Identification.
• States that records kept by the State Bureau of Identification about these reports cannot be released under the Freedom of Information Act.
• Adds 'financial institution' to the list of entities prohibited from violating this Act.
• Changes time limits in the law so they are based on business days instead of calendar days.
• Allows payment card networks and financial institutions to submit written statements about policy changes made after a violation.

Who It Names or Affects

• Banks, trust companies, payment card networks, and payment card issuers
• The State Bureau of Identification
• The Department of Justice

Terms To Know

Financial institution

An entity that helps process payments or debit card transfers, including banks and payment card networks.

Freedom of Information Act

A law that usually allows the public to request government records, but this amendment blocks it for these specific firearm reports.

Limits and Unknowns

• The text does not state when this amendment will officially take effect.
• The source material mentions a technical correction but does not explain what that change is.

Official Summary Text

This Amendment does all of the following:
(1) Defines “financial institution”.
(2) Requires financial institutions to report firearm transactions exceeding $1,000 to the State Bureau of Identification and makes clear these records are not subject to disclosure under the Freedom of Information Act.
(3) Adds “financial institution” to the list of individuals and entities that may not violate this Act.
(4) Makes clear that the time requirements in this Act are based on business days, not calendar days.
(5) Adds “payment card network” and “financial institution” to the list of individuals and entities that may provide a written statement to the Department of Justice attesting that changes to internal policies have been made to prevent reoccurrence of a violation of this Act.
(6) Makes a technical correction to this Act.

Current Bill Text

Legislation Document

SPONSOR:

Rep. Lynn

HOUSE OF REPRESENTATIVES

153rd GENERAL ASSEMBLY

HOUSE AMENDMENT NO. 2

TO

HOUSE BILL NO. 45

AMEND House Bill No. 45 by inserting the following after line 6 and before line 7 and redesignating accordingly:

“

(2) a. Financial institution” means an entity that is involved in facilitating or processing a payment or debit card transfer.

b. “Financial institution” includes all of the following:

1. A bank, as defined under § 101 of Title 5.

2. A trust company, as defined under § 101 of Title 5.

3. A payment card network.

4. A payment card issuer.

”.

FURTHER AMEND House Bill No. 45 on line 22 by inserting “

; reporting

” after “

codes

” and before the period therein.

FURTHER AMEND House Bill No. 45 by inserting the following after line 26 and before line 27 and redesignating accordingly:

“

(c) A financial institution shall report a firearm purchase exceeding $1,000 to the State Bureau of Identification. A record maintained by the State Bureau of Identification under this subsection is not subject to disclosure or release under the Freedom of Information Act, Chapter 100 of Title 29.

”.

FURTHER AMEND House Bill No. 45 on line 30 by inserting “

, financial institution,

” after “

person

” and before “

or

” therein.

FURTHER AMEND House Bill No. 45 on line 32 by deleting “

days prior to

” after “

30

” and before “

bringing

” therein and inserting in lieu thereof “

business days before

”.

FURTHER AMEND House Bill No. 45 on line 36 by inserting “

of this section

” after “

subsection (b)

” and before the comma therein.

FURTHER AMEND House Bill No. 45 on line 37 by inserting “

business

” after “

30

” and before “

days

” therein.

FURTHER AMEND House Bill No. 45 on line 41 by inserting “

, payment card network, financial institution,

” after “

person

” and before “

or

” therein.

SYNOPSIS

This Amendment does all of the following:

(1) Defines “financial institution”.

(2) Requires financial institutions to report firearm transactions exceeding $1,000 to the State Bureau of Identification and makes clear these records are not subject to disclosure under the Freedom of Information Act.

(3) Adds “financial institution” to the list of individuals and entities that may not violate this Act.

(4) Makes clear that the time requirements in this Act are based on business days, not calendar days.

(5) Adds “payment card network” and “financial institution” to the list of individuals and entities that may provide a written statement to the Department of Justice attesting that changes to internal policies have been made to prevent reoccurrence of a violation of this Act.

(6) Makes a technical correction to this Act.