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you would also take ban i think. You take responsobility for any actions caused by the family share / im not 100% sure, but that's what i heart/

From the Family Sharing website:

Will I be punished for any cheating or fraud conducted by other users while playing my games?
Your Family Library Sharing privileges may be revoked and your account may also be VAC banned if your library is used by others to conduct cheating or fraud. Additionally, VAC-banned games cannot be shared. We recommend you only authorize familiar computers you know to be secure. And as always, never give your password to anyone.

Why would you need to share a free game?
Also, if you don't thrust him 100% or don't want to take risks don't share VAC games...