The Responsibility in Firearms Sales Act (RIFS Act) aims to mitigate the public health and financial impacts of firearm-related injuries and deaths in New Jersey by instituting a licensing requirement for firearms manufacturers. Under the bill, manufacturers must obtain an annual license from the Superintendent of State Police, and retail dealers are prohibited from selling firearms unless the manufacturer holds a valid license. The licensing fees, which will be determined based on public health costs, will contribute to the establishment of the Responsibility in Firearm Sales Fund (RIFS Fund) to compensate victims of firearm-related incidents. The bill also outlines penalties for non-compliance, including civil penalties of up to $1 million for manufacturers and $10,000 for retail dealers.

Additionally, the RIFS Act mandates that firearms cannot be sold to consumers unless the manufacturer possesses a valid Responsibility in Firearms Sales license. The RIFS Fund will be managed by the Victims of Crime Compensation Office, providing compensation for direct costs associated with firearm injuries or deaths for up to three years post-incident, with no cap on awards, although claims may be prorated if total claims exceed available funds. The bill emphasizes the need for accountability in the firearms industry and aims to support victims affected by firearm violence, highlighting the significant economic burden of such incidents on public health and safety.