arrow_back Back to App

Restrictions on Firearm Sales After License Revocation

New rules make it harder for individuals who have lost their federal firearms license to sell their existing inventory. This aims to prevent quick sales of firearms after a license is revoked, enhancing public safety. These changes impact the firearms market by restricting access for those without valid permits.
Key points
Individuals whose federal firearms license has been revoked or denied renewal can no longer transfer business inventory firearms to personal collections or employees.
After license revocation, business inventory firearms can only be transferred to other licensed persons or law enforcement agencies.
Violating these rules can lead to fines and imprisonment for up to 5 years, depending on the nature of the violation.
Notices of license revocation will now include information about these new restrictions.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_4812
Sponsor: Sen. Booker, Cory A. [D-NJ]
Process start date: 2022-09-08
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Fire Sale Loophole Closing Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4812.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-09-08.

What are the main provisions?

Key points include:

  • Individuals whose federal firearms license has been revoked or denied renewal can no longer transfer business inventory firearms to personal collections or employees.
  • After license revocation, business inventory firearms can only be transferred to other licensed persons or law enforcement agencies.
  • Violating these rules can lead to fines and imprisonment for up to 5 years, depending on the nature of the violation.
  • Notices of license revocation will now include information about these new restrictions.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Booker, Cory A. [D-NJ].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Security Courts and Law