(1) A person commits the offense of failure to report distribution of a precursor to a controlled substance if the person purposely or knowingly fails to report the sale, transfer, or other furnishing of a substance regulated by 50-32-401.
(2) A person convicted of failing to report the distribution of a precursor to a controlled substance shall be fined not more than $10,000 or be imprisoned in the state prison for not more than 10 years, or both.