I don't think that's true. Unfortunate it passed, but it has exceptions for shooting ranges and family transfers.
Anyway, I know that on my side of the state family hand-offs are going to be done as they always have been regardless of what the new law states.
It does allow you to gift a firearm to a close relative. You can not loan a firearm however, unless they are a member of your family, and are in “imminent” danger. And if you sell one to a relative it will require the paper work.
You can loan one to anyone if they are on a legal hunt.(???)
Bill Gates must have added that so when he is out at that fancy Yellowstone Lodge and he wants to shoot a caged Pheasant he can borrow a $20,000 over-under from someone.