To put it simply: it will be illegal to own, buy, sell, assemble or possess any firearm or receiver (whether unfinished or not) that does not have a registered serial number unless (1) you are a law enforcement agency or a firearms importer or manufacturer; or (2) the firearm is rendered permanently inoperable, was manufactured before 1969 or is an antique, collector’s item, curio or relic.

Being caught in possession of, selling, assembling, or buying one will land your in jail where you will be facing a gross misdemeanor for a 1st offense or a Category D Felony for 2nd and any subsequent offenses.

This of course is barring any anticipated lawsuits from the Nevada Firearms Coalition, NRA, Firearms Policy Coalition, and/or any other third parties challenging the new law which may delay the date of which it is to go into effect or strike it down completely.

More Detailed Information on the New Law:

It will be illegal to possess, purchase, transport or receive an unfinished frame or receiver (aka 80% lower) unless:

1. the person is a firearms importer or manufacturer; or
2. the unfinished frame or receiver is required to be, and has been, imprinted with a serial number

It also prohibits a person from selling, offering to sell or transferring an unfinished frame or receiver unless:

1. the person is a firearms importer or manufacturer and the recipient of the unfinished frame or receiver is a firearms importer or manufacturer; or
2. the unfinished frame or receiver is required to be, and has been, imprinted with a serial number.
   
   

Section 4 of AB 286 prohibits a person from manufacturing or causing to be manufactured or assembling or causing to be assembled a firearm that is not imprinted with a serial number issued by a firearms importer or manufacturer in accordance with federal law and any regulations adopted thereunder unless the firearm is:

1. rendered permanently inoperable;
2. an antique; or
3. a collector’s item, curio or relic.

Section 5 prohibits a person from possessing, selling, offering to sell, transferring, purchasing, transporting or receiving a firearm that is not imprinted with a serial number issued by a firearms importer or manufacturer in accordance with federal law and any regulations adopted thereunder unless:

1. the person is a law enforcement agency or a firearms importer or manufacturer; or
2. the firearm is rendered permanently inoperable, was manufactured before 1969or is an antique, collector’s item, curio or relic.

Section 5.5 provides that nothing in sections 3-5 shall be deemed to prohibit the sale of an unfinished frame or receiver or firearm that is not imprinted with a serial number to a firearms importer or manufacturer or a licensed dealer before January 1, 2022.

Exact Wording of the Law: https://www.leg.state.nv.us/App/NELIS/REL/81st2021/Bill/7778/Text