A better technology already exist to do what you want.
The GPS systems where you attach a tag to article you don’t want to lose and then tells you where they are when lost.
So you tag your child or elderly parent then a ll that is needed is to modify that system slightly so that if you get more than say 20 feet away from the tag it alarms your phone.
Such a product is easily doable and I would think a desirable product for those with children. Many old folks homes have similar devices to detect patients that wander away.
So let’s leave some personal responsibility with parents and guardians and not force everyone to pay for the mistakes of a very few.
The government already mandates enough money wasting rules and regulations on us.
As a poor Southerner, married with 4 kids, I always drove used cars; mostly Chevrolets & Fords. Once bought a 1956 Cadillac convertible for $200.
My first new car was a 1987 Pontiac Fiero. LOL!!!!