To amend chapter 44 of title 18, United States Code, to restrict the ability of a person whose Federal license to import, manufacture, or deal in firearms has been revoked, whose application to renew such a license has been denied, or who has received a license revocation or renewal denial notice, to transfer business inventory firearms, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Fire Sale Loophole Closing Act''.
SEC. 2. RESTRICTIONS ON THE ABILITY OF A PERSON WHOSE FEDERAL LICENSE TO IMPORT, MANUFACTURE, OR DEAL IN FIREARMS HAS BEEN REVOKED, WHOSE APPLICATION TO RENEW SUCH A LICENSE HAS BEEN DENIED, OR WHO HAS RECEIVED A LICENSE REVOCATION OR RENEWAL DENIAL NOTICE, TO TRANSFER BUSINESS INVENTORY FIREARMS.
(a) Restrictions.--Section 922 of title 18, United States Code, is amended by adding at the end the following: ``(aa)(1)(A) 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 import, manufacture, or deal in firearms, or to deny an application of the person to renew such a license, to-- ``(i) transfer a business inventory firearm of the person-- ``(I) into a personal collection of the person; or ``(II) to an employee of the person, or to an individual described in section...