; and (2) in the case of any such violation, if the Attorney General finds that the nature of the violation indicates that the continued operation of a firearms business by the licensed dealer presents an imminent risk to public safety, the Attorney General shall, notwithstanding paragraph (1), immediately suspend the license to deal in firearm issued to the licensed dealer under this chapter and secure the firearms inventory of the licensed dealer, until the violation ceases. . 706. No effect on State laws governing dealing in firearms Nothing in this title shall be interpreted to preclude a State from imposing or enforcing any requirement relating to dealing in firearms (as defined in section 921(a)(3) of title 18, United States Code). 707. Lost and stolen reporting requirement (a) In general Section 922 of title 18, United States Code, as amended by section 601 of this Act, is amended by adding at the end the following: (gg) The owner of a firearm shall report the theft or loss of the firearm, not later than 48 hours after the owner becomes aware of the theft or loss, to the Attorney General and to the appropriate local authorities. . (b) Civil penalty Section 924 of title 18, United States Code, is amended by adding at the end the following: (q) Whoever violates section 922(gg) shall be fined not more than $1,000 in a civil proceeding. . 708. Report on implementation Not later than 2 years after the date of enactment of this Act, the Attorney General shall submit to Congress a written report on the implementation of this title and the amendments made by this title, including any remaining steps that are necessary to complete the implementation, which shall also identify any additional resources that are required to conduct regular inspections and to ensure that this title and the amendments made by this title are enforced against noncompliant firearm dealers in a timely manner. 709. Hearing (a) In general The Committee on the Judiciary of the Senate shall hold a hearing on the report submitted by the Attorney