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 legal implications of purchasing firearms with the intent to sell them unlawfully. The disclosure must be printed in block letters of at least one-fourth of an inch in height and signed by the purchaser or transferee, who must also receive a copy. Additionally, dealers are required to maintain these signed disclosures for a minimum of 15 years and to post the same information conspicuously at each purchase counter.

Violations of this bill 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 "Penalty Enforcement Law of 1999" and collected in municipal court. Law enforcement officials are authorized to issue summonses for violations, and all collected penalties will be directed to the Office of Attorney General for use in gun violence prevention efforts. The bill is set to take effect on the first day of the third month following its enactment.