SB1727 Summary

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

• Establishes that a person remains the owner of a firearm (and thus required to maintain insurance) after it is lost or stolen until the loss or theft is reported to local police or sheriff.

• Exempts persons described in subsections (b) and (c) of Section 2 of the Firearm Owners Identification Card Act from the liability insurance requirement.

• Authorizes the Department of State Police to revoke and seize a Firearm Owner's Identification Card if the cardholder possesses or acquires a firearm without submitting proof of the required $1,000,000 liability insurance policy.

• Takes effect immediately upon becoming law.