NASHVILLE – Tennessee Attorney General Jonathan Skrmetti has issued a letter to three major credit card financial institutions, emphasizing the importance of their adherence to the Tennessee Second Amendment Financial Privacy Act. This legislation, set to take effect on July 1, 2024, aims to prevent financial institutions from using a Merchant Category Code (MCC) that specifically targets firearm retailers.
The letter, addressed to American Express, Inc., Mastercard, Inc., Visa Inc., and their respective Chief Executive Officers, follows a decision made by the International Organization for Standardization (ISO) in September 2022. The ISO, a European-based entity, voted to establish and adopt an MCC focused on firearm retailers. In response, the Tennessee legislature enacted a law in 2023, signed by the Governor, to prohibit financial institutions from employing such a code that distinguishes firearm-related transactions from other sales.
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Attorney General Skrmetti stated, “The credit card companies have known this is coming and need to be prepared to comply with Tennessee’s new Second Amendment Financial Privacy Act the day it goes into effect. If they are not able to do that, I will not hesitate to enforce the law duly enacted by the elected representatives of the people of Tennessee.”
For those interested, the full letter sent to the credit card financial institutions can be accessed here.
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