The bill prohibits payment card networks from assigning codes to firearms retailers that exclusively identify them as selling firearms. The Attorney General will enforce this, investigate complaints, and may seek injunctions if violations are not remedied. State or local regulations on merchant codes for firearms retailers are preempted. The bill defines terms including 'firearm' and 'firearms retailer'. The Attorney General must provide an annual report on the Act's effectiveness. It also clarifies terms like 'payment card network' and 'covered entity'. The bill doesn't create a private right of action.