The bill amends Chapter 11-47 of the General Laws by introducing a new section, 11-47-65, which prohibits individuals from purchasing or taking possession of more than one firearm within a thirty-day period. The term "firearm" is defined to include pistols, rifles, and shotguns as specified in existing law. There are several exemptions to this prohibition, including federally licensed firearm dealers, governmental entities, the issuance of weapons by a governmental entity to its officers, agents, or personnel, law enforcement officers exempt under the provisions of 11-47-9 and 11-47-9.1, licensed private security companies for use by registered armed security guards, transfers pursuant to court orders, estate representatives or heirs authorized by probate court, temporary rentals or use of firearms at licensed shooting ranges or clubs, participants in training or firearm safety courses, and transfers of weapons defined as curios or relics to licensed collectors.

Violations of this new provision will result in criminal penalties, with first offenses classified as misdemeanors punishable by up to one year in prison or a $500 fine. Subsequent offenses will be treated as felonies, carrying a potential sentence of up to three years in prison or a $3,000 fine. The act is set to take effect immediately upon passage.