House Bill No. 5012 aims to prohibit the practice of shark finning by banning the possession, sale, offering for sale, trading, or distribution of shark fins. The bill defines "shark" as any species of the subclass Elasmobranchii, excluding species in the order Batoidea and smooth-hound sharks, and defines "shark fin" as any raw, dried, or processed fin or tail separated from a shark's body. Violating this prohibition is classified as an infraction, allowing individuals to pay fines by mail or plead not guilty. However, the bill includes exemptions for licensed individuals who may separate fins or tails from lawfully landed sharks during preparation for consumption, provided that the fins or tails are either destroyed immediately or used for personal consumption or taxidermy.

Additionally, the bill allows the Department of Energy and Environmental Protection to issue permits for the possession of shark fins for scientific research or educational purposes. The effective date for this legislation is set for October 1, 2025. The bill is expected to generate a potential revenue gain of less than $500 annually for the Department of Energy and Environmental Protection, stemming from infraction fines and permits issued for research or educational purposes.