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Big Retailers Giving Up Sales of Realistic Toy Guns in New York [VIDEO]

New York Attorney General cites safety concerns regarding sales of toy guns, prompting retailers to stop sales and pay fines.

Retailers have agreed to pay $300,000 in fines and end selling realistic-looking toy guns in their stores and online amid safety concerns.

New York Attorney General Eric Schneiderman will announce the agreement with five retailers:, Wal-Mart, Kmart, Sears and ACTA. An investigation by Schneiderman is said to have discovered the sales of 6,400 toy guns that were "dangerously life-like" the past three years.

Wal-Mart makes up the bulk of the fines, as the company will pay $225,000 to New York.

State law in New York requires toy guns to have brightly colored tips, but the new deal will have retailers complying with laws closer to the ones in place in New York City, which require toy guns to be brightly colored. This is so law enforcement can avoid confusion and recognize which weapons are real, and which are not.

The hope is that it will eliminate police shooting incidents involving toy guns.

"Time and again, these retailers put profits over safety, putting children and police officers at high risk of a tragic encounter," Schneiderman told reporters in a statement.

Schneiderman displayed a bright yellow and orange plastic rifle on the "Today" show as an example of the type of toy gun that retailers will be allowed to sell.

"No one is going to hand over their wallet because they're being held up by this," Schneiderman said. "No police officer is ever going to mistake this for a real gun and shoot someone in a tragic incident."

The new rules will also attempt to limit sales of illegal toy guns via the internet. Third-party sellers through and have been sent cease-and-desist letters.

NEXT: Graph Says Gun Sales on the Decline, But are They Really? [INFOGRAPHIC]

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Big Retailers Giving Up Sales of Realistic Toy Guns in New York [VIDEO]