Podcast
Questions and Answers
What is the time limit for a licensed dealer to record the purchase or other acquisition of a firearm?
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?
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?
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?
How long does a licensed dealer have to record the sale or other disposition of a firearm?
What must a licensed dealer retain when making a disposition to a nonlicensee?
What must a licensed dealer retain when making a disposition to a nonlicensee?
What must a licensed dealer maintain in bound form?
What must a licensed dealer maintain in bound form?
What is the exception to the record-keeping requirement for licensed dealers?
What is the exception to the record-keeping requirement for licensed dealers?
When must a licensed dealer retain the commercial record of a transaction when making a disposition to a licensee?
When must a licensed dealer retain the commercial record of a transaction when making a disposition to a licensee?
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.
