II 

118TH CONGRESS 

1ST SESSION S. 3100 

To amend chapter 44 of title 18, United States Code, to restrict the ability 

to transfer business inventory firearms, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

OCTOBER 19, 2023 

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 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, 

3 SECTION 1. SHORT TITLE. 

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

5 Closing Act of 2023’’. 

6 SEC. 2. SENSE OF THE CONGRESS. 

7 It is the sense of Congress that the Bureau of Alco8 hol, Tobacco, Firearms, and Explosives has the authority 

9 to regulate how Federal firearms licensees discontinue 

10 their firearms businesses, and to clarify statutory requireVerDate Sep 11 2014 20:38 Oct 20, 2023 Jkt 049200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S3100.IS S3100

khammond on DSKJM1Z7X2PROD with BILLS
2 

•S 3100 IS

1 ments regarding firearms that remain in the possession 

2 of a former licensee (or a responsible person of the former 

3 licensee) at the time the license is terminated. 

4 SEC. 3. RESTRICTIONS ON THE ABILITY TO TRANSFER 

5 BUSINESS INVENTORY FIREARMS. 

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

7 States Code, is amended by adding at the end the fol8 lowing: 

9 ‘‘(aa) RESTRICTIONS ON ABILITY TO TRANSFER

10 BUSINESS INVENTORY FIREARMS.— 

11 ‘‘(1) TRANSFER AFTER NOTICE OF LICENSE

12 REVOCATION OR DENIAL OF LICENSE RENEWAL.— 

13 ‘‘(A) OFFENSE.—It shall be unlawful for a 

14 person who has been notified by the Attorney 

15 General that the Attorney General has made a 

16 determination to revoke a license issued to the 

17 person under this chapter to import, manufac18 ture, or deal in firearms, or to deny an applica19 tion of the person to renew such a license, to— 

20 ‘‘(i) transfer a business inventory fire21 arm of the person— 

22 ‘‘(I) into a personal collection of 

23 the person; or 

24 ‘‘(II) to an employee of the per25 son, or to an individual described in 


khammond on DSKJM1Z7X2PROD with BILLS
3 

•S 3100 IS

1 section 923(d)(1)(B) with respect to 

2 the person; or 

3 ‘‘(ii) receive a firearm that was a 

4 business inventory firearm of the person as 

5 of the date the person received the notice. 

6 ‘‘(B) RESCINDED DETERMINATIONS.—Sub7 paragraph (A) shall not apply with respect to a 

8 license revocation or denial determination that 

9 is rescinded. 

10 ‘‘(2) TRANSFER AFTER REVOCATION OR EXPI11 RATION OF LICENSE.— 

12 ‘‘(A) OFFENSE.—It shall be unlawful for a 

13 person— 

14 ‘‘(i) on or after the effective date of 

15 the revocation of a license issued to the 

16 person under this chapter to import, man17 ufacture, or deal in firearms, or (in the 

18 case that the application of the person to 

19 renew such a license is denied) on or after 

20 the date the license expires, to— 

21 ‘‘(I) engage in conduct prohibited 

22 by paragraph (1); or 

23 ‘‘(II) transfer to any other per24 son (except a person licensed under 

25 this chapter or a Federal, State, or 


khammond on DSKJM1Z7X2PROD with BILLS
4 

•S 3100 IS

1 local law enforcement agency) a fire2 arm that was a business inventory 

3 firearm of the person as of the effec4 tive date or expiration date, as the 

5 case may be; or 

6 ‘‘(ii) after the 30-day period that be7 gins with the applicable date referred to in 

8 clause (i), transfer to a person licensed 

9 under this chapter a firearm that was a 

10 business inventory firearm of the person as 

11 of the applicable date. 

12 ‘‘(B) REVERSED DETERMINATIONS.—Sub13 paragraph (A) shall not apply with respect to a 

14 license revocation or denial determination that 

15 is reversed. 

16 ‘‘(3) TRANSFER OF FORMER BUSINESS INVEN17 TORY FIREARM OUT OF PERSONAL COLLECTION.—It 

18 shall be unlawful for any person who has transferred 

19 a business inventory firearm into a personal collec20 tion of the person, to transfer the firearm within 1 

21 year after the transfer of the business inventory fire22 arm.’’. 

23 (b) BUSINESS INVENTORY FIREARM DEFINED.— 

24 Section 921(a) of such title is amended by adding at the 

25 end the following: 


khammond on DSKJM1Z7X2PROD with BILLS
5 

•S 3100 IS

1 ‘‘(38) The term ‘business inventory firearm’ means, 

2 with respect to a person, a firearm required by law to be 

3 recorded in the acquisition and disposition logs of any fire4 arms business of the person.’’. 

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

6 such title is amended in the second sentence by inserting 

7 ‘‘section 922(aa) and to’’ after ‘‘subject only to’’. 

8 (d) PENALTIES.—Section 924(a) of such title is 

9 amended by adding at the end the following: 

10 ‘‘(9) Whoever knowingly violates section 922(aa) 

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

12 1 year (or, if the violation was willful, 5 years), or both.’’. 

13 (e) REQUIREMENT THAT LICENSE REVOCATION OR

14 APPLICATION DENIAL NOTICE INCLUDE TEXT OF LAW

15 PROHIBITING DEALING IN FIREARMS WITHOUT A FED16 ERAL FIREARMS LICENSE AND RESTRICTING TRANSFER

17 OF BUSINESS INVENTORY FIREARMS.—Section 923(f)(1) 

18 of such title is amended by inserting after the first sen19 tence the following: ‘‘A written notice described in the pre20 ceding sentence shall set forth the provisions of Federal 

21 statutes and regulations that prohibit a person not li22 censed under this chapter from engaging in the business 

23 of dealing in firearms or that are relevant in determining 


khammond on DSKJM1Z7X2PROD with BILLS
6 

•S 3100 IS

1 whether a person is doing so, and the provisions of section 

2 922(aa).’’. 

Æ 


khammond on DSKJM1Z7X2PROD with BILLS