Fire Sale Loophole Closing Act

Summary

Fire Sale Loophole Closing Act - Amends the federal criminal code to make it unlawful for: (1) anyone whose federal license to import, manufacture, or deal in firearms has been revoked, or whose license renewal application has been denied, to transfer business inventory firearms into a personal collection or to an employee of such person or to receive a firearm that was a business inventory firearm as of the date of a revocation or renewal denial notice; and (2) anyone who has received a license revocation or renewal denial notice to transfer to any other person a firearm that was a business inventory firearm. Imposes a fine and/or prison term of not more than one year (five years for willful violations) for violations of this Act.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 January 2011

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• Introduced in House (PDF)

  Introduced in House · EN · 12 January 2011

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• Introduced in House

  summary · EN · 12 January 2011

  Open at official source

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