II 

117TH CONGRESS 

2D SESSION S. 4812 

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firearms has been revoked, whose application to renew such a license 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. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 8, 2022 

Mr. BOOKER introduced the following bill; which was read twice and referred 

to the Committee on the Judiciary 

A BILL 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Fire Sale Loophole 

3 Closing Act’’. 

4 SEC. 2. RESTRICTIONS ON THE ABILITY OF A PERSON 

5 WHOSE FEDERAL LICENSE TO IMPORT, MAN6 UFACTURE, OR DEAL IN FIREARMS HAS BEEN 

7 REVOKED, WHOSE APPLICATION TO RENEW 

8 SUCH A LICENSE HAS BEEN DENIED, OR WHO 

9 HAS RECEIVED A LICENSE REVOCATION OR 

10 RENEWAL DENIAL NOTICE, TO TRANSFER 

11 BUSINESS INVENTORY FIREARMS. 

12 (a) RESTRICTIONS.—Section 922 of title 18, United 

13 States Code, is amended by adding at the end the fol14 lowing: 

15 ‘‘(aa)(1)(A) It shall be unlawful for a person who has 

16 been notified by the Attorney General that the Attorney 

17 General has made a determination to revoke a license 

18 issued to the person under this chapter to import, manu19 facture, or deal in firearms, or to deny an application of 

20 the person to renew such a license, to— 

21 ‘‘(i) transfer a business inventory firearm of the 

22 person— 

23 ‘‘(I) into a personal collection of the per24 son; or 


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1 ‘‘(II) to an employee of the person, or to 

2 an individual described in section 923(d)(1)(B) 

3 with respect to the person; or 

4 ‘‘(ii) receive a firearm that was a business in5 ventory firearm of the person as of the date the per6 son received the notice. 

7 ‘‘(B) Subparagraph (A) shall not apply with respect 

8 to a license revocation or denial determination that is re9 scinded. 

10 ‘‘(2)(A) It shall be unlawful for a person, on or after 

11 the effective date of the revocation of a license issued to 

12 the person under this chapter to import, manufacture, or 

13 deal in firearms, or (in the case that the application of 

14 the person to renew such a license is denied) on or after 

15 the date the license expires, to— 

16 ‘‘(i) engage in conduct prohibited by paragraph 

17 (1); or 

18 ‘‘(ii) transfer to any other person (except a per19 son licensed under this chapter or a Federal, State, 

20 or local law enforcement agency) a firearm that was 

21 a business inventory firearm of the person as of the 

22 effective date or expiration date, as the case may be. 

23 ‘‘(B) Subparagraph (A) shall not apply with respect 

24 to a license revocation or denial determination that is re25 scinded.’’. 


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1 (b) BUSINESS INVENTORY DEFINED.—Section 

2 921(a) of title 18, United States Code, is amended by add3 ing at the end the following: 

4 ‘‘(36) BUSINESS INVENTORY FIREARM.—The term 

5 ‘business inventory firearm’ means, with respect to a per6 son, a firearm required by law to be recorded in the acqui7 sition and disposition logs of any firearms business of the 

8 person.’’. 

9 (c) CONFORMING AMENDMENT.—Section 923(c) of 

10 title 18, United States Code, is amended, in the second 

11 sentence, by inserting ‘‘section 922(aa) and to’’ after 

12 ‘‘subject only to’’. 

13 (d) PENALTIES.—Section 924(a) of title 18, United 

14 States Code, is amended by adding at the end the fol15 lowing: 

16 ‘‘(8) Whoever knowingly violates section 922(aa) 

17 shall be fined under this title, imprisoned not more than 

18 1 year (or, if the violation was willful, 5 years), or both.’’. 

19 (e) REQUIREMENT THAT LICENSE REVOCATION OR

20 APPLICATION DENIAL NOTICE INCLUDE TEXT OF LAW

21 PROHIBITING DEALING IN FIREARMS WITHOUT A FED22 ERAL FIREARMS LICENSE AND RESTRICTING TRANSFER

23 OF FIREARMS AFTER RECEIPT OF OFFICIAL LICENSE

24 REVOCATION OR RENEWAL APPLICATION DENIAL NO25 TICE.—Section 923(f)(1) of title 18, United States Code, 


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1 is amended, in the last sentence, by inserting ‘‘, and shall 

2 set forth the provisions of Federal law (including regula3 tions) that prohibit a person not licensed under this chap4 ter from engaging in the business of dealing in firearms 

5 or are relevant in determining whether a person is doing 

6 so, and the provisions of section 922(aa)’’ before the pe7 riod at the end. 

Æ 


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