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 instituting a licensing requirement for firearms manufacturers. Under this 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 be deposited into the newly created Responsibility in Firearms Sales Fund (RIFS Fund). The bill also establishes penalties for non-compliance, including civil penalties of up to $1 million for manufacturers and $10,000 for retail dealers.

In addition to the licensing framework, the RIFS Act creates the RIFS Fund, managed by the Victims of Crime Compensation Office, to provide compensation to victims of firearm injuries or deaths. This fund will reimburse direct costs associated with such incidents, with no monetary cap on compensation awarded, although claims may be prorated if total claims exceed available funds. The legislation reflects New Jersey's commitment to enhancing public safety and supporting victims of firearm violence by ensuring that proceeds from licensing and penalties are allocated to assist those affected by firearm-related incidents.