Firearms Record Keeping by Dealers
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Questions and Answers

What is the time limit for a licensed dealer to record the purchase or other acquisition of a firearm?

  • Not later than the close of the next business day following the date of such purchase or acquisition (correct)
  • The same day of the purchase or acquisition
  • Within 3 business days following the date of such purchase or acquisition
  • Within 14 days following the date of such purchase or acquisition
  • What information must be recorded for each firearm received by a licensed dealer?

  • Date of receipt, name of manufacturer, and model of the firearm
  • Date of receipt, name and address of the person from whom received, and caliber or gauge of the firearm (correct)
  • Date of receipt, name of manufacturer, and type of firearm
  • Date of receipt, name of importer, and serial number of the firearm
  • What must a licensed dealer do before commencing or continuing a firearms business?

  • Notify the local authorities of the business commencement
  • Inventory the firearms possessed for such business and record same in the required record (correct)
  • Obtain a Form 4473 from the buyer
  • Obtain a license from the state authorities
  • How long does a licensed dealer have to record the sale or other disposition of a firearm?

    <p>Not later than 7 days following the date of such transaction</p> Signup and view all the answers

    What must a licensed dealer retain when making a disposition to a nonlicensee?

    <p>The firearms transaction record, Form 4473</p> Signup and view all the answers

    What must a licensed dealer maintain in bound form?

    <p>A record of all firearms received and disposed of</p> Signup and view all the answers

    What is the exception to the record-keeping requirement for licensed dealers?

    <p>As provided in § 478.124a with respect to alternate records</p> Signup and view all the answers

    When must a licensed dealer retain the commercial record of a transaction when making a disposition to a licensee?

    <p>Until the transaction is recorded</p> Signup and view all the answers

    Study Notes

    Firearms Receipt and Disposition by Dealers

    • Each licensed dealer must maintain a record of every receipt and disposition of firearms, except as provided in § 478.124a for alternate records.
    • Before starting or continuing a firearms business, dealers must inventory their firearms and record them in the required format.

    Record Requirements

    • The record must be maintained in bound form and follow a specific format.
    • Records of firearm purchases or acquisitions must be made no later than the close of the next business day following the transaction.
    • Records must show:
      • Date of receipt
      • Name and address or license number of the person from whom received
      • Manufacturer and importer (if any)
      • Model, serial number, type, and caliber or gauge of the firearm

    Disposition of Firearms

    • Records of firearm sales or dispositions must be made by the licensed dealer no later than 7 days following the transaction.
    • When disposing of a firearm to a non-licensee, the dealer must retain the Firearms Transaction Record (Form 4473) separately until the transaction is recorded.
    • When disposing of a firearm to a licensee, the commercial record of the transaction must be retained separately until the transaction is recorded.
    • Records must show:
      • Date of sale or disposition
      • Name and address of the person to whom the firearm is transferred, or their license number if applicable

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    Description

    Quiz on the rules and regulations for licensed firearms dealers regarding record keeping for receipts and dispositions of firearms.

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