Synopsis As Introduced Amends the Firearm Owners Identification Card Act. Provides that the Department of State Police may revoke and seize a Firearm Owner's Identification Card previously issued under the Act of a person who fails to report the loss or theft of a handgun a second time to the local law enforcement agency within 72 hours after obtaining knowledge of the second loss or theft. Amends the Criminal Code of 1961. Provides that if a person who possesses a valid Firearm Owner's Identification Card and who possesses or acquires a handgun thereafter loses or misplaces the handgun, or if the handgun is stolen from the person, the person must report the loss or theft to the local law enforcement agency within 72 hours after obtaining knowledge of the loss or theft. Effective immediately.