Bill > HR238

This bill, titled the Fire Sale Loophole Closing Act, amends federal law to prevent individuals or businesses whose federal firearms licenses have been revoked or whose license renewal applications have been denied from improperly transferring their business inventory firearms. Specifically, it makes it illegal for such individuals to move firearms from their business inventory into a personal collection or to an employee, or to receive such a firearm after receiving a notice of revocation or denial. It also prohibits them from transferring any firearm that was part of their business inventory at the time of the notice to anyone else, with exceptions for other licensed dealers or law enforcement agencies. A "business inventory firearm" is defined as any firearm that a business is legally required to log in its acquisition and disposition records. Violators face fines and potential imprisonment of up to one year, or up to five years for willful violations.