FIREARM LIABILITY ACT

Creates the Firearm Liability Act. Provides that a firearm transferor is strictly liable in a civil action for death, injury, or property damage resulting from the use of a firearm that was unlawfully sold, transferred, or caused to be sold or transferred. Provides that the plaintiff may recover punitive damages in addition to all other lawful damages, court costs, and attorney's fees. Provides that a defendant found strictly liable under this Act must pay $10,000 in a civil penalty to the Department of State Police if the defendant sold, transferred, or caused to be sold or transferred a firearm in violation of certain provisions of the Firearm Owners Identification Card Act or the Criminal Code of 1961. Provides that an action under this Act must be commenced within 5 years after the cause of action accrued.