Permits an owner of a firearms business whose license is expired, surrendered, or revoked 60 days to liquidate inventory.
Allows purchasers of existing firearms businesses the right to cure firearms violations attributable to such businesses.
Allows the transfer, possession, and importation of machineguns for industry testing, research and training, national security services, and motion picture or television production.
Eliminates the requirement of written permission for the use of a handgun for lawful purposes by a minor (under age 18) where a parent or legal guardian is present at all times during such use.
Revises firearms licensee recordkeeping requirements, including by prohibiting: (1) the Attorney General from electronically recording firearms transaction information of a discontinued firearms or ammunition business by name or personal identification code; and (2) any rule or regulation or administration action from establishing any comprehensive or partial system of registration of firearms, firearms owners, or firearms transactions or dispositions.
Directs the Attorney General to authorize the importation of all frames or receivers of rifles, or barrels for firearms other than handguns, if the importation is for repair or replacement purposes.