The bill mandates that individuals who steal a firearm must report the theft to law enforcement within 48 hours. It introduces a new section in Minnesota Statutes, chapter 624, titled "[624.7139] Stolen Firearms; Required Reporting." Under this section, failing to report the theft will result in penalties that escalate with repeated offenses: a petty misdemeanor for the first violation, a misdemeanor for the second, and a gross misdemeanor for the third or subsequent violations. Additionally, law enforcement officials, such as chiefs of police or sheriffs, are required to report the stolen firearm to the commissioner of public safety within seven days of receiving notification of the theft.

The bill also includes an appropriation of funds for the Department of Public Safety, specifically allocating money for a reporting system managed by the Bureau of Criminal Apprehension. This system will facilitate the reporting of stolen firearms as outlined in the new law. The effective date for this legislation is set for August 1, 2024, applying to acts committed on or after that date.