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Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 18.2-309.1 as follows:
§ 18.2-309.1. Failure to report stolen firearm; civil penalty.
Any person who fails to report to a law-enforcement agency the theft or loss of a firearm that he owns or lawfully possesses within 48 hours of the time that he knew or reasonably should have known that such firearm had been lost or stolen is subject to a civil penalty of $250. The proceeds of such penalty shall be deposited into the Literary Fund.
For the purposes of this section "firearm" shall have the meaning as provided in § 18.2-308.2:2.