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 definition of "firearm" includes pistols, rifles, and shotguns as defined in existing law. Exemptions to this prohibition are provided for federally licensed firearm dealers, governmental entities, the issuance of weapons by governmental entities to their 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 as authorized by probate court, temporary rentals or use of firearms at licensed shooting ranges or clubs, participants in training, firearm safety, or shooting courses during the period of instruction, and transfers of weapons defined as curios or relics to licensed curio or relic collectors.

Violations of this new provision will result in varying penalties based on the number of offenses. A first offense will be classified as a misdemeanor, punishable by up to one year in prison or a fine of $500, or both. Any person convicted of a second or subsequent offense shall be guilty of a felony, with potential confinement not to exceed three years or a fine of $3,000, or both. The act is set to take effect immediately upon passage.