FFL Question

[ilcop22]

'Evening folks,

I have a question for you seasoned FFLs out there. I've been in business with an FFL for four years now. On rare occasions, I have bought used firearms from estate/collection sales. When I have used my FFL to obtain a firearm (say, from an online seller), I log it into my A&D and check it out to myself.

When I have purchased firearms face-to-face with individuals with the intent of putting them into my own collection, and my FFL had no bearing on the private transaction, I've simply recorded it in a personal firearms log. I recently obtain six firearms from a single collection, and I want to ensure my previous actions were the correct actions. That said, is the following correct?

Obtain gun through use of FFL = A&D
Obtain gun in private transfer = Personal firearms log

Thanks for your knowledge.

[Willbird]

When you check it out, do you complete a 4473 and do a NICS check ?? I am required to do so but my FFL is in the name of my LLC.

Bill

[ilcop22]

No, I'm a sole proprietor, so I can transfer inventory to myself without a 4473 and NICS check. I'm wondering about guns bought as a private individual, not those purchased with my FFL.

[wrangler5]

I had a FFL many years ago, and I have the recollection that if you have one you must record ALL your acquisitions in your bound book, and then record the transfer of the appropriate items out to your private collection. This appears to be what the applicable regulation (478.125(e)) provides - "the purchase . . . of a firearm SHALL . . . be recorded not later than the close of the next business day following the date of such purchase . . . ." No exception is made for acquisitions for a personal collection.

See also Q&A E8 in the Regulations Reference Guide (ATF Pub 5300-4, 2005) where it says a FFL can transfer FROM a private collection
subject only to the restrictions on firearm sales by unlicensed persons, provided the firearm was entered in the licensee's bound book and then transferred to the licensee's private collection at least 1 year prior to the sale. When the personal firearm is sold, the sale must be recorded in a "bound book" for dispositions of personal firearms, but no ATF Form 4473 is required. [Quotation marks in the original]

From this you can also infer that there is a duty to enter every firearm in the bound book in the first place, whether or not your FFL was used to acquire it.