HB 461 establishes comprehensive regulations for private firearm transfers, requiring documentation and background checks for most transactions. The Department of Public Safety is tasked with creating a standard form to document transfers, including information about the buyer, seller, and firearm. Transfers must be reported to the department within 30 days, with a cap of five firearm transfers per individual annually unless they are licensed firearms dealers. Exceptions include transfers between family members within specified degrees of relation and inheritances. The bill also mandates that all private firearm transfers include a national instant criminal background check conducted by a licensed firearms dealer. Violations are classified as Class C or Class A misdemeanors, depending on the offense. These measures aim to reduce unauthorized firearm possession and increase accountability in private transactions. The act takes effect on September 1, 2025.