,i  #aahth ,,congress  #ast ,session    
,h4 ,r4 #fjad  ,,in ,,the ,,house ,,of  
,,representatives  ,october #bj1        
#bjbc,ms4 ,dean of ,pennsylvania 7for   
herself1 ,ms4 ,scanlon1 ,mr4 ,cohen1    
,mr4 ,swalwell1 and ,ms4 ,norton7       
introduced the following bill  ,october 
#be1 #bjbc,referred to the ,committee on
 the ,judiciary  ,a ,,bill  ,to amend   
chapter #dd of title #ah1 ,united       
,states ,code1 to restrict the ability  
to transfer business inventory firearms1
 and for other purposes4  #a4 ,short    
title ,this ,act may be cited as the    
,fire ,sale ,loophole ,closing ,act of  
#bjbc4  #b4 ,sense of the ,congress ,it 
is the sense of ,congress that the      
,bureau of ,alcohol1 ,tobacco1          
,firearms1 and ,explosives has the      
authority to regulate how ,federal      
firearms licensees discontinue their    
firearms businesses1 and to clarify     
statutory requirements regarding        
firearms that remain in the possession  
of a former licensee 7or a responsible  

person of the former licensee7 at the   
time the license is terminated4  #c4    
,restrictions on the ability to transfer
 business inventory firearms  7a7       
,restrictions ,section #ibb of title    
#ah1 ,united ,states ,code1 is amended  
by adding at the end the following3     
7aa7 ,restrictions on ability ,to       
transfer business inventory firearms    
7#a7 ,transfer after notice of license  
revocation or denial of license renewal 
7,a7 ,offense ,it shall be unlawful for 
a person who has been notified by the   
,attorney ,general that the ,attorney   
,general has made a determination to    
revoke a license issued to the person   
under this chapter to import1           
manufacture1 or deal in firearms1 or to 
deny an application of the person to    
renew such a license1 to-- 7i7 transfer 
a business inventory firearm of the     
person-- 7,i7 into a personal collection
 of the person2 or  7,,ii7 to an        
employee of the person1 or to an        
individual described in section         

#ibc7;d77#a77;,b7 with respect to the   
person2 or  7ii7 receive a firearm that 
was a business inventory firearm of the 
person as of the date the person        
received the notice4  7,b7 ,rescinded   
determinations ,subparagraph 7,a7 shall 
not apply with respect to a license     
revocation or denial determination that 
is rescinded4  7#b7 ,transfer after     
revocation or expiration of license     
7,a7 ,offense ,it shall be unlawful for 
a person-- 7i7 on or after the effective
 date of the revocation of a license    
issued to the person under this chapter 
to import1 manufacture1 or deal in      
firearms1 or 7in the case that the      
application of the person to renew such 
a license is denied7 on or after the    
date the license expires1 to-- 7,i7     
engage in conduct prohibited by         
paragraph 7#a72 or  7,,ii7 transfer to  
any other person 7except a person       
licensed under this chapter or a        
,federal1 ,state1 or local law          
enforcement agency7 a firearm that was a

 business inventory firearm of the      
person as of the effective date or      
expiration date1 as the case may be2 or 
7ii7 after the #cj-;day period that     
begins with the applicable date referred
 to in clause 7i71 transfer to a person 
licensed under this chapter a firearm   
that was a business inventory firearm of
 the person as of the applicable date4  
7,b7 ,reversed determinations           
,subparagraph 7,a7 shall not apply with 
respect to a license revocation or      
denial determination that is reversed4  
7#c7 ,transfer of former business       
inventory firearm out of personal       
collection ,it shall be unlawful for any
 person who has transferred a business  
inventory firearm into a personal       
collection of the person1 to transfer   
the firearm within #a year after the    
transfer of the business inventory      
firearm4  4  7b7 ,business inventory    
firearm defined ,section #iba7;a7 of    
such title is amended by adding at the  
end the following3  7#ch7 ,the term     

business inventory firearm means1 with  
respect to a person1 a firearm required 
by law to be recorded in the acquisition
 and disposition logs of any firearms   
business of the person4  4  7c7         
,conforming amendment ,section #ibc7;c7 
of such title is amended in the second  
sentence by inserting section #ibb7;aa7 
and to after subject only to4  7d7      
,penalties ,section #ibd7;a7 of such    
title is amended by adding at the end   
the following3  7#i7 ,whoever knowingly 
violates section #ibb7;aa7 shall be     
fined under this title1 imprisoned not  
more than #a year 7or1 if the violation 
was willful1 #e years71 or both4  4  7e7
 ,requirement that license revocation or
 application denial notice include text 
of law prohibiting dealing in firearms  
without a ,federal firearms license and 
restricting transfer of business        
inventory firearms ,section #ibc7;f77#a7
 of such title is amended by inserting  
after the first sentence the following3 
,a written notice described in the      

preceding sentence shall set forth the  
provisions of ,federal statutes and     
regulations that prohibit a person not  
licensed under this chapter from        
engaging in the business of dealing in  
firearms or that are relevant in        
determining whether a person is doing   
so1 and the provisions of section       
#ibb7;aa744