The deadline is here drone owners. February 19, 2016. If you own a small unmanned aircraft, it must be registered before they fly outdoors. It's only $5.00. That's much less expensive then the penalties that could be incurred.

You don't want to get caught breaking this new law. Civil penalties could reach a maxim of $27,500, and criminal penalties could be as much as $250,000 or three years in prison.

Here's who has to register and the drone weight guidelines via faa.gov.

Who must register a UAS?
The owner must be:
13 years of age or older. (If the owner is less than 13 years of age, a person 13 years of age or older must register the small unmanned aircraft.)
A U.S. citizen or legal permanent resident.
Which unmanned aircraft do I have to register?
Owners must register their UAS online if it meets the following guidelines:
Weighs more than 0.55 lbs. (250 g) and less than 55 lbs. (25 kg). Unmanned Aircraft weighing more than 55 lbs. cannot use this registration process and must register using the Aircraft Registry process.
See examples of UAS that do and do not require registration.

How do I register my UAS?
It costs only $5 to register your UAS, and the process is simple and web-based. Some things you'll need before you get started:
An email address
Credit or Debit card
Physical address and mailing address (if different from physical address)
Your registration is valid for three years. Once you receive a registration number, you can use it on all of your unmanned aircraft if they meet the online registration criteria. You must mark the registration number on all aircraft you own. Read about How to Label Your UAS.