The bill, Substitute House Bill No. 5224, as amended by House Amendment Schedule "A," is an act concerning the prohibition of shark finning, set to be effective from October 1, 2024. The bill defines "shark" as any species of the subclass Elasmobranchii, excluding species in the order Batoidea and any smooth-hound sharks. It also defines "shark fin" as a raw, dried, or otherwise processed fin or tail that is separated from the body of a shark. The bill generally prohibits the possession, sale, offer for sale, trade, or distribution of shark fins. However, there are exceptions to this prohibition: licensed or permitted individuals may separate a fin or tail from a lawfully landed shark during the ordinary course of preparing the shark for consumption, sale, trade, or distribution, provided that the separated fin or tail is immediately destroyed or used for personal consumption or taxidermy. Additionally, the Department of Energy and Environmental Protection may issue permits for the possession of shark fins for scientific research or educational purposes. Violation of the provisions is considered an infraction, which can be addressed by paying a fine by mail or pleading not guilty.

The fiscal impact statement indicates that the bill may result in a potential minimal revenue gain to the General Fund beginning in FY 25, due to the issuance of research or educational permits involving shark fins and infraction revenue from violations of the bill's provisions. The revenue gain is projected to be less than $500 annually. The bill analysis clarifies that the prohibition does not apply to certain individuals under specified conditions and that the Department of Energy and Environmental Protection can issue permits for possession of shark fins for specific purposes. The bill also makes a violation an infraction, which is not a crime and is punishable by fines. The amendment "A" specifies that the exemption applies if the shark fin or tail is used for personal consumption.