(a) The Firearm Industry Nondiscrimination Act shall apply to a contract that:
- (1) Is between a governmental entity and a financial institution; and
- (2) Is entered into on or after the effective date of this act.
- (b) Except as provided in §5A-13-4 of this code, a governmental entity may not enter into a contract with any financial institution that discriminates against any firearm entity or firearm trade association.
- (c) Any contract to which subsection (a) of this section applies shall contain provisions providing for the termination of the contract within one year of the governmental entity’s determination that a violation of the requirements of this section have occurred. The governmental entity shall terminate any business relationship with any financial institution in a commercially reasonable manner within one year of the governmental entity’s determination that a violation of the requirements of this section have occurred.