summary
Introduced
10/20/2023
10/20/2023
In Committee
10/25/2023
10/25/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend chapter 44 of title 18, United States Code, to restrict the ability to transfer business inventory firearms, and for other purposes.
AI Summary
This bill, the Fire Sale Loophole Closing Act of 2023, aims to restrict the ability of federal firearms licensees to transfer their business inventory firearms when their license is revoked, denied renewal, or has expired. Specifically, it prohibits licensees from transferring their business inventory firearms to their personal collection or to certain individuals, and requires them to transfer those firearms to another licensed dealer within 30 days of their license being revoked or expired. The bill also defines "business inventory firearm" and imposes penalties of up to 1 year in prison or 5 years if the violation was willful. Additionally, the bill requires the Attorney General's notice of license revocation or denial to include information about the relevant federal statutes and regulations.
Committee Categories
Justice
Sponsors (7)
Madeleine Dean (D)*,
Steve Cohen (D),
Glenn Ivey (D),
Hank Johnson (D),
Eleanor Holmes Norton (D),
Mary Gay Scanlon (D),
Eric Swalwell (D),
Last Action
Referred to the House Committee on the Judiciary. (on 10/25/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/6014/all-info |
| BillText | https://www.congress.gov/118/bills/hr6014/BILLS-118hr6014ih.pdf |
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