HB181 Alabama 2023 Session

Under existing law, a financial institution is not expressly prohibited from disclosing a customer's financial records in general, nor is it prohibited from disclosing its payment card records related to transactions categorized as firearms transactions

This bill would establish the Second Amendment Financial Privacy Act prohibiting a financial institution from disclosing a customer's payment card records related to firearm transactions, with certain exceptions, and from engaging in certain discriminatory conduct toward a merchant or customer engaged in these transactions

This bill would also amend existing law to expressly prohibit a bank or other financial institution from disclosing a customer's financial records, with certain exceptions

This bill would allow the Department of Finance to disqualify a financial institution from the competitive bidding process for state contracts due to the institution's admitted violation of the act or the institution's public statements of its intent to enact policies that would violate the act

This bill would establish civil penalties for violating the act

Relating to financial institutions; to amend Section 5-5A-43, Code of Alabama 1975, to prohibit financial institutions from disclosing certain customer financial records of firearms transactions with certain exceptions; to allow the Department of Finance to disqualify a financial institution from any selection process for state contracts for violation of this prohibition; and to provide civil penalties and criminal penalties for violation of the act.