The COOL OFF Act requires a mandatory 3-day waiting period before someone can receive a handgun. Here's what that means in practice: if you want to buy a handgun from a licensed gun dealer, you'll have to wait at least 3 business days (days when state offices are open) after you first express interest in purchasing it before you can actually take it home. The same waiting period applies to private handgun sales between individuals who aren't licensed dealers.

However, the law includes several important exceptions where the waiting period doesn't apply. Law enforcement officers, armed security professionals, and military members can get handguns immediately when acting in their official capacity. Family members can loan handguns to each other without waiting—this covers spouses, domestic partners, parents and children, siblings, grandparents and grandchildren, and aunts/uncles with nieces/nephews. Additionally, temporary transfers are allowed in emergency situations to prevent immediate death or serious injury, and people can temporarily borrow firearms for lawful activities like target shooting at a range, hunting, or fishing, as long as they're with the gun owner or meet specific conditions.

The law applies to handgun transfers that happen after a 90-day period from when the law takes effect. Violations of this waiting period requirement carry criminal penalties. Essentially, this bill aims to give people time to reconsider a handgun purchase and allow background check systems to work more thoroughly, while carving out exceptions for legitimate professional, family, and recreational uses.