Personalized Handgun Safety Act

Personalized Handgun Safety Act - Requires the Director of the National Institute of Justice to make grants to qualified entities (states or local governments, organizations, or institutions of higher education) to develop technology for personalized handguns (a handgun that enables only the authorized user to fire it). Requires a recipient to use not less than 70% of grant funds to develop technology for personalized handguns. Allows such entity to use not more than: (1) 20% of such funds to develop technology for retrofitted personalized handguns, and (2) 10% of such funds for administrative costs. Provides for one-year grant awards, subject to renewal.

Directs the Consumer Product Safety Commission (CPSC) to promulgate a consumer product safety standard providing a specified timetable by which handguns manufactured, sold, offered for sale, traded, transferred, shipped, leased, or distributed in the United States must be personalized handguns or retrofitted personalized handguns, depending on the date of manufacture. Exempts antique firearms and firearms owned by the Department of Defense (DOD). Requires the cost of retrofitting a handgun to be borne by the manufacturer if the manufacturer is operational at the time the retrofit is required. Makes appropriations for the Department of Justice (DOJ) available to the Attorney General for payments to reimburse handgun manufacturers for the costs of retrofitting handguns. Authorizes an official or agency of a state to bring a civil action in U.S. district court against a handgun seller or manufacturer on behalf of residents adversely affected by a violation of such standard.

Amends the Protection of Lawful Commerce in Arms Act to exclude from the definition of "qualified product" any handgun manufactured after two years after enactment of this Act that is not a personalized handgun or retrofitted personalized handgun.