The proposed legislation, titled "The Rhode Island Firearm Industry Accountability Act of 2026," aims to establish a regulatory framework for the firearm industry within the state. It introduces definitions for key terms such as "firearm accessory," "firearm industry member," "firearm product," "firearm trafficker," and "straw purchaser." The act outlines the responsibilities of firearm industry members to establish, implement, and enforce reasonable controls to prevent unlawful sales and ensure compliance with existing laws.

Specifically, the act mandates that firearm industry members must prevent the sale or distribution of firearm products to individuals who are prohibited from possessing firearms or who may pose a risk to themselves or others. It also prohibits advertising, marketing, or promoting firearm products in a manner that could lead to unlawful use or pose risks to public safety.

The bill establishes penalties for violations of its provisions, allowing civil actions to be brought by individuals harmed by non-compliance, as well as by municipal and state legal authorities. It includes a rebuttable presumption of failure to implement reasonable controls if a violation leads to foreseeable harm. Courts may impose civil penalties of up to $10,000 per violation, award compensatory and punitive damages, provide injunctive relief, and award costs and attorney's fees to prevailing plaintiffs.

The act is set to take effect on October 1, 2026, and will apply to any civil actions filed on or after that date.