I keep these forms hole-punched in a plastic folder with one page for each student. The students fill out the first 2 sections when they sign a book out to take home or use in the classroom. When they have finished reading the book, they return it to me with the library checkout with them and we fill out the last 3 sections. I use this to keep track of how often they are changing books, if they are finishing books, what type of books they are interested in, and to ensure my books are returned. My librarian takes the library checkout folder around the classroom during morning work or before dismissal to check on the progress of the books the students have checked out.
I have found this very effective for my classroom. I hope it is useful for you as well!