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[PaulP]

Jerry,

You pose a good question; you are correct. The requirements are that once you have obtained a C&R license you must maintain a record in a bound book of all C&R firearms that you acquire and dispose of while the license is maintained. As I understand it, this also includes C&R firearms that are acquired without using your license (i.e., form 4473 filled out, NCIC check, etc.) while you have the license.

If you dispose of a C&R firearm (procured prior to obtaining a license) while licensed you will have to make an entry in your bound book documenting that disposal and would show something to the effect that it was procured prior to you obtaining your license. As a result of this it shouldn't be unusual for individuals (who have a C&R license) to have a C&R firearm in their possession for which there is no entry in their bound book.

I would recommend getting a license as you can save ffl transfer fees and more importantly (to me) the hassle of having to go to the gunshop to pick up your purchase (it sure is nice to have your purchase delivered to your front door!)

Note that unlike a dealer, you are not required to turn in your bound book once your license expires/is not renewed. I'm not sure if there is a required retention period for the bound book and if you want, I can try to find an answer in the regs.

Paul