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. Failure to comply with this reporting requirement will result in escalating penalties: a petty misdemeanor for the first violation, a misdemeanor for a second violation, and a gross misdemeanor for any subsequent violations. 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 requires law enforcement officials, specifically chiefs of police and sheriffs, to report any lost or stolen firearms to the commissioner of public safety within seven days of receiving notification. To support the implementation of this reporting system, the bill appropriates $36,000 from the general fund for fiscal year 2027 to the commissioner of public safety for a system managed by the Bureau of Criminal Apprehension. The provisions of this bill are set to take effect on August 1, 2026, and will apply to incidents occurring on or after that date.