The proposed bill mandates that individuals who own, possess, or control a firearm must report any loss or theft of the firearm to law enforcement within 48 hours of becoming aware of the incident. This new requirement is codified under a new section in Minnesota Statutes, chapter 624, specifically designated as [624.7139]. The bill outlines penalties for non-compliance, categorizing violations as a petty misdemeanor for the first offense, a misdemeanor for a second offense, and a gross misdemeanor for any subsequent violations.

Additionally, the bill provides immunity from criminal prosecution related to firearm storage for individuals who report a lost or stolen firearm in accordance with the new reporting requirements. It also requires law enforcement officials, such as chiefs of police or sheriffs, to report any lost or stolen firearms to the commissioner of public safety within seven days of receiving such notifications. The provisions of this bill are set to take effect on August 1, 2024, and will apply to incidents occurring on or after that date.