House Bill No. 5012 aims to prohibit the practice of shark finning by banning the possession, sale, trade, or distribution of shark fins, with certain exceptions. 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 fin or tail that has been separated from a shark's body. Individuals holding a license or permit to take or land sharks are exempt from this ban when separating a fin or tail from a lawfully landed shark, provided that the fin or tail is either destroyed immediately or used for personal consumption or taxidermy. Additionally, the Department of Energy and Environmental Protection (DEEP) is authorized to issue permits for the possession of shark fins for scientific research or educational purposes.

Violating the provisions of this bill will be classified as an infraction, allowing individuals to pay fines by mail or plead not guilty. The bill is set to take effect on October 1, 2025, and is expected to generate a potential revenue gain of less than $500 annually for DEEP through infraction fines and permits. The bill also clarifies that existing regulations already prohibit the taking and selling of certain sharks, but smooth-hound sharks are not included in these restrictions.