Opportunity to cure violations after acquisition of firearms business

Section 923 of title 18, United States Code, is further amended by adding at the end the following: (n) If the Attorney General is made aware that a business licensed under this chapter has been transferred to a surviving spouse or child of the licensee, to an executor, administrator, or other legal representative of a deceased or incompetent licensee, to a receiver or trustee in bankruptcy, to an assignee for benefit of creditors, or to an entity holding a security interest in an item as collateral pursuant to Article 9 of the Uniform Commercial Code (U.C.C. § 9–102(a)(73)), and, before the transfer, or on the first inspection or examination by the Attorney General of the records of the licensee after the transfer, the licensee is found to be operating the business in violation of this chapter, the Attorney General— (1) shall notify the transferee of the violation by the transferor; and (2) shall not presume that the transferee is committing the violation..