The Fire Sale Loophole Closing Act of 2023 would restrict former firearms dealers from quickly selling off their business inventory after losing their federal license. The bill specifically prohibits someone whose firearms license has been revoked or denied renewal from transferring business inventory firearms to themselves, their employees, or other unlicensed individuals, and prevents them from transferring such firearms to licensed dealers within 30 days of the license termination. The law would also require that anyone transferring a business inventory firearm into their personal collection cannot sell it again for at least one year. Violations would result in criminal penalties of up to one year in prison for non-willful violations or five years for willful violations, plus potential fines. The bill directs the Attorney General to ensure that firearms dealers receive written notice of these restrictions when their license is being revoked or renewal is being denied.
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