I think the main content of this law (https://legiscan.com/MT/text/SB212/id/3212152) is just two paragraphs. I'd suggest reading them yourself rather than relying on secondary description:

"Government actions that restrict the ability to privately own or make use of computational resources for lawful purposes, which infringes on citizens' fundamental rights to property and free expression, must be limited to those demonstrably necessary and narrowly tailored to fulfill a compelling government interest."

"When critical infrastructure facilities are controlled in whole or in part by a critical artificial intelligence system, the deployer shall develop a risk management policy after deploying the system that is reasonable and considers guidance and standards in the latest version of the artificial intelligence risk management framework from the national institute of standards and technology, the ISO/IEC 4200 artificial intelligence standard from the international organization for standardization, or another nationally or internationally recognized risk management framework for artificial intelligence systems. A plan prepared under federal requirements constitutes compliance with this section."

In particular, I think the reporting is straight wrong that there's a shutdown requirement. That was in an earlier version (https://legiscan.com/MT/text/SB212/id/3078731) and remains in the title of this version, but seems to have been removed from the actual text.