HB2589 Summary

• Requires all firearm owners in Illinois to maintain liability insurance of at least $1,000,000 covering damages from negligent or willful acts involving firearm use.

• Deems a person the owner of a firearm after it is lost or stolen until the loss or theft is reported to local police or sheriff.

• Authorizes the Department of State Police to revoke and seize Firearm Owner's Identification Cards if cardholders possess or acquire firearms without submitting proof of required liability insurance.

• Exempts persons not required to possess a Firearm Owner's Identification Card under existing law from the insurance requirement.

• Takes effect immediately upon becoming law.