Unlawful acts upon incurring Federal disability or notice of license suspension, revocation, or denied renewal

(a) Restrictions Section 922 of title 18, United States Code, is amended by adding at the end the following: (aa) Unlawful acts upon incurring Federal disability or notice of license suspension, revocation, or denied renewal (1) In general It shall be unlawful for a licensed importer, licensed manufacturer, licensed dealer, licensed collector, or licensed facilitator who incurs a disability imposed by Federal laws with respect to the acquisition, receipt, transfer, shipment, transportation, or possession of firearms or ammunition during the term of a license issued under this chapter or while an application to renew such a license is pending, or who has been notified by the Attorney General that a license issued to the licensee under this chapter has been suspended or revoked or that an application of the licensee to renew such a license has been denied, to— (A) transfer a business inventory firearm— (i) into the personal collection of the licensee; or (ii) to any person other than a licensee under this chapter or a Federal, State, or local law enforcement agency; or (B) receive a business inventory firearm. (2) Waiver Upon a showing by a licensee of good cause, the Attorney General may issue a written waiver of paragraph (1) if the licensee authorizes the Attorney General to inspect the records and inventory of the licensee at any time to ensure that the licensee is in compliance with this chapter.. (b) Penalties Section 924(a) of title 18, United States Code, is amended by adding at the end the following: (9) Whoever knowingly violates section 922(aa) shall be fined under this title, imprisoned for not more than 1 year, or both.. (c) Notice requirement Section 923(f)(1) of title 18, United States Code, is amended, in the first sentence, by inserting before the period at the end the following: and setting forth the provisions of Federal law and regulation that prohibit a person not licensed under this chapter from engaging in the business of dealing in firearms and the restrictions set forth in section 922(aa).