Chapter 140 of the General Laws is hereby amended by inserting after section 122D the following section:-

Section 122E. (a) No person shall purchase more than 1 firearm within any 30-day period.

(b) This section shall not apply to any of the following:-

(1) a law enforcement agency;

(2) an agency duly authorized to perform law enforcement duties;

(3) a state or county correctional facility;

(4) a private security company licensed to do business in Massachusetts;

(5) a person who is properly identified as a full-time paid peace officer, and who is authorized to, and does carry a firearm during the course and scope of employment as a peace officer;

(6) a person who may claim an exemption from the waiting period;

(7) purchases by a licensee under section 122; 

(8) a person who is licensed as a collector;

(10) the exchange of a firearm where a licensee under section 122 purchased that firearm from the person seeking the exchange within the 30-day period immediately preceding the date of exchange or replacement;

(11) the replacement of a firearm when the person’s firearm was lost or stolen, and the person reported that firearm lost or stolen prior to the completion of the application to purchase to any local law enforcement agency of the city or town in which the person resides; or

(12) the return of any firearm to its owner.

(c) A licensee under section 122 shall conspicuously post at each purchase counter the following warning in bold type not less than 1 inch in height: ''IT IS UNLAWFUL TO PURCHASE MORE THAN ONE FIREARM WITHIN A 30 DAY PERIOD.'', and that such licensee shall provide said warning, in writing, to the purchaser or transferee of any firearm, rifle, shotgun or machine gun in bold type not less than one-quarter inch in height.

(d) A licensee who violates any provision of this section shall be deemed to have violated this section for the purposes of section 125 and the licensing authority shall issue a notice to the licensee pursuant to said section 125 that after a hearing on this violation, the licensing authority may declare the licensee’s license forfeited or suspended pursuant to said section 125.

(e) Whoever purchases a firearm in violation of this section shall for the first offense be punished by a fine of not less than $500 or more than $1,000 and for any subsequent offense by imprisonment in the state prison for not more than 10 years.