This bill mandates that firearm wholesale and retail dealers provide customers with a written disclosure regarding their responsibilities related to lost or stolen firearms, as well as the legality of purchasing firearms with the intent to sell to disqualified individuals. The disclosure must be printed in block letters and signed by the purchaser or transferee, with a copy retained by the dealer for a minimum of 15 years. Additionally, dealers are required to post the same information conspicuously at each purchase counter. The disclosure informs customers that they must report a lost or stolen firearm within 36 hours to the appropriate law enforcement authority and that it is illegal to purchase a firearm for the purpose of selling it to someone without the necessary license or permit.

Violations of this bill by firearm dealers will result in civil penalties, with fines of up to $500 for first offenses and up to $1,000 for subsequent offenses. These penalties will be enforced through the municipal court system, and all collected fines will be directed to the Office of Attorney General for gun violence prevention initiatives. The bill also allows the Superintendent of State Police to establish rules and regulations to implement its provisions.