Closing Fire Sale Loophole: New Rules for Dealers Losing Gun Licenses.
This law aims to enhance public safety by closing a loophole that allowed firearms dealers to quickly transfer large inventories of guns into private collections or sell them rapidly after their federal license was revoked or denied renewal. It establishes strict limits on who a former dealer can transfer their remaining business inventory firearms to, preventing uncontrolled movement of weapons.
Key points
Dealers facing license revocation cannot move business inventory firearms into their personal collections or transfer them to employees.
After a license expires or is revoked, inventory firearms can only be transferred to another licensed dealer or a law enforcement agency, ensuring continued oversight.
Violating these new restrictions carries significant penalties, including fines and imprisonment up to 5 years for willful offenses.
Expired
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