The Chip Security Act mandates that the Secretary of Commerce establish and enforce chip security mechanisms for advanced integrated circuit products. Within 180 days of enactment, all covered integrated circuit products must be outfitted with location verification mechanisms before being exported, reexported, or transferred within a foreign country. This primary requirement aims to prevent the unauthorized diversion or exploitation of critical technology and improve compliance with export control laws. Additionally, the bill compels licensees to promptly report credible information regarding unauthorized location, diversion to an unapproved user, or any tampering attempts. The Secretary, in coordination with the Secretary of Defense, must conduct an assessment within one year to identify and develop requirements for secondary chip security mechanisms , evaluating methods to prevent tampering, verify workload, and analyze associated costs, benefits, and vulnerabilities. A report on these findings, including an implementation roadmap, will be submitted to Congress. If deemed appropriate, these secondary mechanisms will be required for covered products within two years of the assessment's completion, prioritizing confidentiality. The Secretary is granted enforcement authority to verify product ownership and location, maintain records, and require necessary information from licensees. The bill also mandates annual assessments of new chip security technologies and reports to Congress, including recommendations for modifying export controls to allow greater flexibility for products incorporating robust security features.