First, someone mentioned the FFL entering the gun in his book. Is this a requirement when he first receives the gun, or when he completes the transfer? Is there a grace period like 48hrs or 72hrs if it is related to the receipt of the gun? Can the local FFL "refuse" the gun (not complete the transfer) and send it back within the grace period (if there is one), especially if the buyer decides the gun is not up to his expectations (not shipping damage) after a visual inspection at the FFL and assuming he has reached an agreement with the seller? I am assuming the buyer will have to pay the costs for the return shipment.
There is a grace period for recording acquisitions and dispositions. It's spelled out in 27 CFR § 478.125(d) and summarized in the ATF FAQ:wgsigs said:First, someone mentioned the FFL entering the gun in his book. Is this a requirement when he first receives the gun, or when he completes the transfer? Is there a grace period like 48hrs or 72hrs if it is related to the receipt of the gun?
However, Snyper is correct that any and every firearm formally received by the dealer MUST be recorded in the bound book. The grace period only affects when the record must be made- not if.Q: How much time does a dealer have to record acquisitions and dispositions of firearms in his or her “bound book?”
A: Generally, licensees have to enter the acquisition or purchase of a firearm by the close of the next business day after the acquisition or purchase and shall record sales or other dispositions within 7 days.
However, if commercial records containing the required information are available for inspection and are separate from other commercial documents, dealers have 7 days from the time of receipt to record the receipt in the “bound book.”
If a disposition is made before the acquisition has been entered in the “bound book, the acquisition entry must be made at the same time as the disposition entry.
[27 CFR 478.125]