Colorado Bill Could Help Banks, Credit Companies Prevent Gun Violence

February 8, 2024

SB24-066 will help banks and credit card companies apply the same standard to gun retailers as they do to other retailers to prevent risk and detect fraud

Washington, D.C. — Today the Colorado Senate heard testimony on Senate Bill 24-066, legislation that would require firearm merchants to assign a merchant category code for gun purchases. Guns Down America Executive Director Hudson Munoz, who testified in support of the bill, released the following statement:

“SB24-066 is about rules and fairness in our economy, and I am proud to testify today on behalf of this common sense, life saving measure. Merchant category codes already exist for nearly every purchase we make at retailers in Colorado, from books to shoes to groceries. This bill will simply help banks and credit card companies apply that same, fair standard to gun retailers as they do to any other retailer to prevent risk and detect fraud–without infringing on the right to keep and bear arms. With the ability to track and flag suspicious purchases at firearm stores with the code, financial institutions can protect consumers, comply with federal bank examiner expectations, and potentially collaborate with police to stop the next instance of gun violence and keep our communities safe.”