Here's some highlights:
If you left town for more than 7 days, and left your gay partner, or unrelated roommate at home with the guns, you’d be committing a felony. This should be called the “denying gun rights to gays act.” Remember that the federal government does not recognize gay marriage, even if you’re state does, thanks to DOMA. 5 years in prison.
It would be illegal to lend a gun to a friend to take shooting [or hunting]. That would be a transfer. 5 years in federal prison.
Enacts defacto universal gun registration, because of record keeping requirements.
Oh and heaven help you if your loose a gun on a hunting trip or your house gets broken into while you're on vacation. That violates the 24 hour reporting rule and you'll go to prison.
As Sebastian notes:
This bill has nothing to do with ensuring people who are getting guns are law-abiding, and everything to do with getting backdoor registration, and creating a patchwork of rules and laws that will land anyone who uses guns, and isn’t a lawyer, in federal prison for a long time. Lots of otherwise law-abiding people are going to federal prison if this ends up passing, and I’m convinced that’s the whole idea.
Call and write your Senators. Tell them to Vote No.