H.R.2916 - Fire Sale Loophole Closing Act114th Congress (2015-2016)
|Sponsor:||Rep. Cicilline, David N. [D-RI-1] (Introduced 06/25/2015)|
|Committees:||House - Judiciary|
|Latest Action:||House - 07/09/2015 Referred to the Subcommittee on Crime, Terrorism, Homeland Security, and Investigations. (All Actions)|
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Summary: H.R.2916 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (06/25/2015)
Fire Sale Loophole Closing Act
This bill amends the federal criminal code to make it unlawful for: (1) anyone whose federal license to import, manufacture, or deal in firearms has been revoked, or whose license renewal application has been denied, to transfer business inventory firearms into a personal collection or to an employee of such person or to receive a firearm that was a business inventory firearm as of the date of a revocation or renewal denial notice; and (2) anyone who has received a license revocation or renewal denial notice to transfer to any other person a firearm that was a business inventory firearm.
The bill imposes a fine and/or prison term of not more than one year for violations of this Act (five years for willful violations).