The proposed bill mandates that individuals who own, possess, or control a firearm must report any loss or theft of the firearm to law enforcement within 48 hours of becoming aware of the incident. The bill establishes a tiered penalty system for violations, where a first offense is classified as a petty misdemeanor, a second offense as a misdemeanor, and a third or subsequent offense as a gross misdemeanor. Additionally, individuals who comply with the reporting requirement are granted immunity from criminal prosecution related to firearm storage offenses.

Furthermore, the bill requires law enforcement officials, specifically chiefs of police or sheriffs, to report any lost or stolen firearms to the commissioner of public safety within seven days of receiving notification. To support this initiative, the bill appropriates $36,000 from the general fund for fiscal year 2025 to develop a reporting system managed by the Bureau of Criminal Apprehension. The provisions of this bill are set to take effect on August 1, 2024, applying to incidents occurring on or after that date.