27 CFR 478.124a

[Code of Federal Regulations]
[Title 27, Volume 2]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 27CFR478.124a]

[Page 109-110]

TITLE 27--ALCOHOL, TOBACCO PRODUCTS AND FIREARMS

CHAPTER II--BUREAU OF ALCOHOL, TOBACCO, FIREARMS, AND EXPLOSIVES,
DEPARTMENT OF JUSTICE

PART 478_COMMERCE IN FIREARMS AND AMMUNITION--Table of Contents

Subpart H_Records

Sec. 478.124a Firearms transaction record in lieu of record of receipt
and disposition.

(a) A licensed dealer acquiring firearms after August 1, 1988 and
contemplating the disposition of not more than 50 firearms within a
succeeding 12-month period to licensees or nonlicensees may maintain a
record of the acquisition and disposition of such firearms on a firearms
transaction record, Form 4473(LV), Part I or II, in lieu of the records
prescribed by Sec. 478.125. Such 12-month period shall commence from
the date the licensed dealer first records the purchase or other
acuisition of a firearm on Form 4473(LV) pursuant to this section. A
licensed dealer who maintains records pursuant to this section, but
whose firearms dispositions exceed 50 firearms within such 12-month
period, shall make and maintain the acquisition and disposition records
required by Sec. 478.125 with respect to each firearm exceeding 50.
(b) Each licensed dealer maintaining firearms acquisition and
disposition records pursuant to this section shall record the purchase
or other acquisition of a firearm on Form 4473(LV), Part I or II, in
accordance with the instructions on the form not later than the close of
the next business day following the date of such purchase or
acquisition. However, when disposition is made of a firearm before the
close of the next business day after the receipt of that firearm, the
licensed dealer making such disposition shall enter all required
acquisition information regarding the firearm on the Form 4473(LV) at
the time such transfer or disposition is made. The record on Form
4473(LV) shall show the date of receipt, the name and address or the
name and license number of the person from whom received, the name of
the manufacturer and importer (if any), the model, serial number, type,
and caliber or gauge of the firearm.
(c) Each licensed dealer maintaining firearms acquisition and
disposition records pursuant to this section shall retain Form 4473(LV),
Part I or II, reflecting firearms possessed by such business in
chronological (by date of receipt) or numerical (by transaction serial
number) order. Forms 4473(LV) reflecting the licensee's sale or
disposition of firearms shall be retained in alphabetical (by name of
purchaser), chronological (by date of disposition) or numerical (by
transaction serial number) order.

[[Page 110]]

(d) A licensed dealer maintaining records pursuant to this section
shall record the sale or other disposition of a firearm to another
licensee by entering on the Form 4473(LV), Part I, associated with such
firearm, the name and license number of the person to whom transferred
and by signing and dating the form.
(e) A licensed dealer shall obtain the Form 4473(LV), Part I,
associated with the firearm in lieu of a Form 4473 and comply with the
requirements specified in Sec. 478.124(c) prior to making an over-the-
counter transfer of a firearm to a nonlicensee:
(1) Who is a resident of the State in which the licensee's business
premises is located,
(2) Who is not a resident of the State in which the licensee's
business premises is located and the firearm is a shotgun or rifle and
the transfer is under the provisions of Sec. 478.96(c), or
(3) Who is not a resident of the State in which the licensee's
business premises is located and who is acquiring the firearm by loan or
rental for temporary use for lawful sporting purposes.
(f) A licensed dealer shall obtain the Form 4473(LV), Part II,
associated with the firearm in lieu of a Form 4473 and comply with the
requirements specified in Sec. 478.124(f) prior to making a disposition
of a firearm to a nonlicensee who is purchasing or otherwise acquiring a
firearm by other than an over-the-counter transaction and who is a
resident of the State in which the licensee's business premises is
located. If the licensee's record of the acquisition of the firearm is,
at the time of the disposition, being maintained on a Form 4473(LV),
Part I, for over-the-counter transactions, the licensee shall transfer
the information relative to the receipt of the firearm, as required by
paragraph (b) of this section, to Form 4473(LV), Part II. The
corresponding form 4473(LV), Part I, may then be destroyed.

[T.D. ATF-273, 53 FR 24687, June 30, 1988, as amended by T.D. ATF-415,
63 FR 58280, Oct. 29, 1998]