The Responsibility in Firearms Sales Act (RIFS Act) seeks to mitigate the public health and financial impacts of firearm-related injuries and deaths in New Jersey by requiring all firearms manufacturers to obtain an annual license from the Superintendent of State Police. This licensing process includes an application and payment of a fee, which will be determined based on public health costs associated with firearm injuries, capped at $866 million for the first year and adjusted annually according to the consumer price index. The bill also prohibits retail dealers from selling firearms unless the manufacturer possesses a valid license, and it establishes significant civil penalties for violations, with fines reaching up to $1 million for manufacturers and $10,000 for retailers.

Additionally, the RIFS Act creates the Responsibility in Firearm Sales Fund (RIFS Fund) to provide compensation to victims of firearm injuries or deaths, administered by the Victims of Crime Compensation Office (VCCO). This fund will be financed through the fees and penalties collected under the bill, allowing victims to seek compensation for up to three years following an injury, with no monetary cap on awards, although claims may be prorated if total claims exceed available funds. The legislation aims to address the economic burden of firearm violence while ensuring that resources are allocated to support victims and their families.