Relates to prohibiting the possession of certain 50 caliber firearms; directs the division of state police to embark on a program whereby persons currently in lawful possession of such weapons may be reimbursed for the fair market value thereof upon turning in such weapons to a designated officer.
Requires police officers to take temporary custody of firearms for not less than one hundred twenty hours when responding to reports of family violence.
Amends the definitions of the terms "beneficial owner", "reporting company" and "exempt company" to set the scope of certain provisions relating to beneficial owners of limited liability companies; authorizes the department of state to further clarify any such definitions.