Amends the Firearm Owners Identification Card Act. Provides that the Department of State Police shall suspend for 5 years the Firearm Owner's Identification Card of a person who has been convicted of a third violation of the provision of the Criminal Code of 2012 that makes it an offense for a person who possesses or acquires a firearm and thereafter loses the firearm, or if the firearm is stolen from the person, to fail to report the loss or theft to the local law enforcement agency within 72 hours after obtaining knowledge of the loss or theft. Amends the Firearm Concealed Carry Act. Provides that the Department of State Police shall suspend for 5 years the concealed carry license of a person who has been convicted of a third violation of that Criminal Code of 2012 provision. Amends the Criminal Code of 2012. Provides that a fourth or subsequent violation is a Class 4 felony (rather than a Class A misdemeanor). Effective immediately.