Handgun Regulation

HANDGUN REGULATION: INITIATIVE STATUTE. Permits surrender of handguns prior to December 31, 1977; directs Legislature to provide compensation therefor. Effective January 1, 1978, prohibits purchase, transfer, or possession of operable handguns, and handgun ammunition, with prescribed exceptions, including possession by police, antique gun collectors, gun club members, security guards and gun dealers. Creates special fund from fines for handgun crimes to compensate for surrendered guns and for appropriations from fund to indemnify crime victims, after such compensation is paid. Imposes state administered handgun licensing and registration requirements. Repeals local authority to license sale, carrying of handguns. Prescribes penalties for violations. Financial impact: Adoption of this measure will result in increased state and local one time costs of at least $3,783,000 which sum does not include amounts necessary to reimburse owners of surrendered handguns