A seller shall, within seven days, report all such transfers to the executive director of the criminal history systems board according to the provisions set forth in section one hundred and twenty-eight A, and in the case of loss, theft or recovery of any firearm, rifle, shotgun or machine gun, a similar report shall be made forthwith to both the executive director of the criminal history systems board and the licensing authority in the city or town where the owner resides. Failure to so report shall be cause for suspension or permanent revocation of such person’s firearm identification card or license to carry firearms, or both, and shall be punished by a fine of not less than $200 nor more than $1,000 for a first offense and by a fine of not less than $1,000 nor more than $5,000 for a second offense.