The bill amends New Jersey's firearm transfer laws by eliminating the exemption that previously allowed immediate family members to transfer firearms directly to one another without going through a licensed retail firearm dealer. This change mandates that all firearm transfers, including handguns, must be conducted through a licensed dealer, thereby enhancing oversight and ensuring that all transactions are subject to the same regulations, including the requirement for a National Instant Criminal Background Check. The definition of "immediate family," which included various familial relationships, has also been removed from the law.

In addition to these changes, the bill reinforces existing provisions regarding the issuance of permits for purchasing handguns and firearms purchaser identification cards, emphasizing the necessity of permits for any firearm transfer. It maintains the current restrictions on the number of handguns that can be purchased within a specific timeframe while allowing for unlimited purchases of rifles or shotguns, provided the purchaser holds a valid firearms purchaser identification card. The bill aims to tighten regulations surrounding firearm transfers to promote public safety, with non-compliance classified as a fourth-degree crime, punishable by up to 18 months in prison and/or a fine of up to $10,000. The act is set to take effect immediately upon passage.