What does Preamble of Fire Sale Loophole Closing Act of 2025 do?

This bill aims to amend chapter 44 of title 18, United States Code The amendment restricts the ability to transfer business inventory firearms The bill has other purposes beyond restricting firearm transfers

What does SHORT TITLE. of Fire Sale Loophole Closing Act of 2025 do?

This bill is formally titled the Fire Sale Loophole Closing Act of 2025

What does SENSE OF THE CONGRESS. of Fire Sale Loophole Closing Act of 2025 do?

This section expresses the sense of Congress regarding the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). Congress believes the ATF has the authority to regulate how Federal firearms licensees discontinue their businesses. The section also suggests a need to clarify statutory requirements concerning firearms remaining with a former licensee or a responsible person after license termination.

What does RESTRICTIONS ON THE ABILITY TO TRANSFER BUSINESS INVENTORY of Fire Sale Loophole Closing Act of 2025 do?

This section amends title 18, United States Code, specifically sections 922, 921, and 923, regarding firearms. It establishes restrictions on the transfer of 'business inventory firearms' by individuals whose licenses to import, manufacture, or deal in firearms have been revoked or denied. Transfers to personal collections, employees, or individuals described in section 923(d)(1)(B) are prohibited after notice of license revocation or denial. After the revocation or expiration of a license, transfers to anyone other than a licensed dealer or law enforcement are generally prohibited. A 30-day period is allowed for transfers to licensed dealers after the revocation or expiration date. The term 'business inventory firearm' is defined as a firearm required to be recorded in a firearms business's acquisition and disposition logs. Penalties for violating the new section 922(aa) include fines and imprisonment, with increased penalties for willful violations. License revocation or denial notices must now include the text of relevant federal statutes, including section 922(aa).

Back to bills

Fire Sale Loophole Closing Act of 2025

Last updated: 6/27/2025 · Introduced: 6/27/2025

Author: Madeleine Dean (D-PA)

TL;DR (AI)

The bill restricts the ability to transfer business inventory firearms by individuals whose licenses to import, manufacture, or deal in firearms have been revoked or denied.
Transfers of business inventory firearms are generally prohibited after the revocation or expiration of a license, except for transfers to licensed dealers within a 30-day period.
Violations of the new restrictions are subject to penalties, including fines and imprisonment, with increased penalties for willful violations.

119th Congressin committeeOfficial page

Verified Votes

No verified votes yet.

Community Votes

No community votes yet. Be the first!

Voting as guest · Sign in for verified votes

Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

Click "Show details" to explore individual sections. Use the community vote above or visit All Sections to vote per section.

Read official text

Want the full experience?

Create a free account to cast verified votes on each section, get a personalized summary, and track your voting history.

Create Free Account