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States Code, to restrict the ability of a person whose Federal license to import, manufacture, or deal in firearms has been revoked, whose application to renew such a license has been denied, or who has received a license revocation or renewal denial notice, to transfer business inventory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.
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.
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