Fire Sale Loophole Closing Act

12/29/2022, 1:03 PM

Fire Sale Loophole Closing Act

This bill imposes restrictions on the transfer of business inventory firearms by a firearms importer, manufacturer, or dealer whose license is revoked or denied.

An individual who violates the restrictions is subject to criminal penalties—a fine, prison term of up to one year (or five years if the violation was willful), or both.

Congress
117
Number
S - 4812
Introduced on
2022-09-08
# Amendments
0
Sponsors
+5

Variations and Revisions

9/8/2022
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Fire Sale Loophole Closing Act

This bill imposes restrictions on the transfer of business inventory firearms by a firearms importer, manufacturer, or dealer whose license is revoked or denied.

An individual who violates the restrictions is subject to criminal penalties—a fine, prison term of up to one year (or five years if the violation was willful), or both.

Alternative Names
Official Title as IntroducedA bill to amend chapter 44 of title 18, United States Code, to restrict the ability of a person whose Federal license to import, manufacture, or deal in firearms has been revoked, whose application to renew such a license has been denied, or who has received a license revocation or renewal denial notice, to transfer business inventory firearms, and for other purposes.
Policy Areas
Crime and Law Enforcement

Comments

Related

Bill Update Alert:  Fire Sale Loophole Closing Act

Recent Activity

Latest Summary9/14/2022

Fire Sale Loophole Closing Act

This bill imposes restrictions on the transfer of business inventory firearms by a firearms importer, manufacturer, or dealer whose license is revoked or denied.

An individual who violates the ...

Latest Action9/8/2022
Read twice and referred to the Committee on the Judiciary.