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Committee backs bill banning merchant codes that identify firearm purchases, shields local banks
Summary
The Senate panel passed legislation that bars use of an industry merchant code that singles out firearm and ammunition purchases and limits liability for local financial institutions; the bill passed on a voice vote.
The Senate Insurance & Commerce Committee voted to approve legislation that would prohibit payment processors from using a merchant category code to identify firearm or ammunition purchases in Arkansas and would place enforcement and penalty authority with state officials rather than with local banks.
Representative Howard Beatty and Ricky Hill, who spoke at the committee, said the measure aims to stop third-party payment processors from…
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