Section 5-NEW - [Newly enacted section not yet numbered] DefinitionsFor the purposes of this act, the following terms have the following meanings:
(1) AMMUNITION. Any cartridge, shell, or projectile, or a component of any of the previous, designed for use in a firearm.(2) ASSIGN or ASSIGNMENT. A financial institution's policy, process, or practice that labels, links, or otherwise associates a firearms code with a merchant or a payment card transaction in a manner that allows the financial institution or any other entity facilitating or processing the payment card transaction to identify whether a merchant is a firearm retailer or whether a transaction involves the sale of a firearm or ammunition.(3) CUSTOMER. Any person or entity engaged in a payment card transaction facilitated or processed by a financial institution.(4) FINANCIAL INSTITUTION. A person or entity other than a merchant involved in facilitating or processing a payment card transaction, including any bank, credit union as defined in Section 5-17-1, Code of Alabama 1975, acquirer, or payment card issuer.(5) FIREARM. As defined in Section 13A-11-59, Code of Alabama 1975. The term also includes any component or accessory of a firearm.(6) FIREARM RETAILER. Any person or entity that is physically located in this state and is engaged in the lawful selling or trading of firearms, antique firearms, or ammunition.(7) FIREARMS CODE. A merchant category code approved by the international organization for standardization or an equivalent successor organization and specifically assigned to a firearm retailer.(8) GOVERNMENTAL ENTITY. The state, or any political subdivision thereof, or any agency or instrumentality of the state.(9) PAYMENT CARD. A credit card, charge card, debit card, or any other card that is issued to an authorized card user and allows the user to purchase goods or services from a merchant.(10) PAYMENT CARD NETWORK. An entity that provides proprietary services, infrastructure, and software to conduct payment card transaction authorizations, clearances, and settlements, and software that an entity uses in order to accept as a form of payment a brand of payment card or other device that may be used to carry out payment card transactions. The term does not include any financial institution.(11) PAYMENT CARD TRANSACTION. Any transaction in which a payment card is accepted as payment.Added by Act 2024-232,§ 2, eff. 10/1/2024. Act 2024-232,§ 1 provides that this act shall be known and may be cited as the Second Amendment Financial Privacy Act.