IL HB5558

Eliminates criminal penalties for failure to report a lost or stolen firearm within 72 hours to local law enforcement.

Replaces criminal penalties with citation system: $500 fine for first offense and $1,000 for second offense when a lost firearm is found by law enforcement.

Requires forfeiture of the lost firearm and revocation of Firearm Owner's Identification Card and concealed carry license if the offender fails to pay the fine.

Mandates revocation of Firearm Owner's Identification Card and concealed carry license after 3 lost or stolen firearms, with surrender of all firearms to local law enforcement.

Maintains requirement to report lost or stolen firearms within 72 hours, with exceptions for acts of God, acts of war, law enforcement inability to receive report, or when person is hospitalized or seriously impaired.