This bill, titled the "Choosing Our Own Lives Over Fast Firearms Act" or "COOL OFF Act," mandates a 3-business-day waiting period before an individual can take possession of a handgun. This waiting period applies to transfers between persons not licensed under the chapter, meaning private sales, and also to transfers from licensed firearms dealers to non-licensees. The legislation outlines several key exceptions to this waiting period. These include transfers to law enforcement agencies, officers, armed private security professionals, or military members acting within their official duties. Certain temporary loans between specific family members (spouses, domestic partners, parents/children, siblings, aunts/uncles/nieces/nephews, grandparents/grandchildren) for a lawful purpose are also exempt. Further exceptions cover temporary transfers necessary to prevent imminent death or great bodily harm, provided possession lasts only as long as immediately necessary. Additionally, temporary transfers for activities like target shooting at a designated range, hunting, trapping, or fishing (with certain conditions), or when the transferee is in the presence of the transferor, are exempt. The amendments made by this section will apply to conduct engaged in after a 90-day period following the Act's enactment, and penalties are specified for violations.