Requires federally licensed firearms importers, manufacturers, and dealers to follow new security rules for storing guns and paper records, and gives the Attorney General authority to set additional security standards. The law makes license applicants say how they will comply, creates civil penalties and administrative actions (fines, suspension, revocation) for violations, and sets near-term effective dates for record and firearm storage rules.

Paper-record storage rules take effect 90 days after enactment; physical firearm storage rules take effect one year after enactment. The Attorney General/Department of Justice will issue further implementing rules and enforce penalties for noncompliance.