This bill establishes a new requirement for individuals who own, possess, or control a firearm to report any loss or theft of the firearm to law enforcement within 48 hours of becoming aware of the incident. The bill introduces 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 offenses. Additionally, individuals who report a lost or stolen firearm in accordance with the law will be granted immunity from criminal prosecution for related state law offenses concerning firearm storage.

Furthermore, the bill mandates that law enforcement officials, specifically chiefs of police or sheriffs, must report any lost or stolen firearms to the commissioner of public safety within seven days of receiving notification of the loss or theft. The provisions outlined in this bill will take effect on August 1, 2026, and will apply to incidents occurring on or after that date.