This legislation requires non-licensed firearm owners to report lost or stolen firearms to law enforcement authorities within 48 hours of discovering the loss or theft. Owners can report directly to local law enforcement or utilize a new web-based portal that the Attorney General is mandated to create within 180 days of the Act's enactment. If the report is made through the web portal, the Attorney General must notify the chief law enforcement officer of the relevant jurisdiction within 72 hours. Failure to report a lost or stolen firearm carries civil penalties, with a first violation incurring a fine of up to $1,000 and subsequent violations up to $5,000 . Individuals who receive two such civil penalties will be prohibited from receiving a firearm for one year, while those with three penalties will face a five-year prohibition. The bill also amends existing law to include penalties for knowingly making a false statement when reporting a lost or stolen firearm. To enhance data management, states receiving certain federal grants must allocate at least 5% of those funds to study and manage data related to lost or stolen firearms, or ensure such data is forwarded to the National Crime Information Center. Furthermore, the Attorney General must update the National Instant Criminal Background Check System (NICS) within six months to account for the new firearm receipt prohibitions. Licensed firearm dealers will also be required to inform purchasers about the penalties for failing to report lost or stolen firearms.