(1) Prohibited Conduct. No person who is the owner of a firearm that is lost or stolen shall fail to report the loss or theft to an appropriate local law enforcement official within 24 hours after the loss or theft is discovered.
(2) Penalties. A violation of this Section shall be deemed a Class III Offense, subject to the penalties set forth in Section 1-109.
(3) Repeat Offenders. Any person who commits, on more than one occasion, a violation of this Section, shall be guilty of a separate offense of Repeat Violation, and for each such Repeat Violation, shall be subject to a fine of not more than one thousand nine hundred dollars ($1,900) for any violation committed in 2008, and not more than two thousand dollars ($2,000) for any violation committed in 2009 or thereafter, or imprisonment for not more than ninety (90) days, or both. A person shall be guilty of a Repeat Violation regardless whether the second or subsequent violation occurs before or after a judicial finding of a first or previous violation. Each violation, after the first, shall constitute a separate Repeat Violation offense.