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Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 4 of Chapter 7 of Title 18.2 a section numbered 18.2-287.5 as follows:
§ 18.2-287.5. Failure to report lost or stolen firearms; false reports; penalty.
A. Any person who fails to report to the law-enforcement agency that serves the locality where the person resides the theft or loss of a firearm he owns or lawfully possesses within 24 hours of the time that he knew or reasonably should have known such firearm had been lost or stolen is guilty of a Class 3 misdemeanor, and for any second or subsequent violation is guilty of a Class 1 misdemeanor.
B. Any person who knowingly files a false report under subsection A is guilty of a Class 1 misdemeanor.