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ATF is Nearing Its New Restrictions on NFA Gun Trusts
Well folks, I didn’t think they would take this long, but it appears that the ATF-41P final action is near. As proposed, the rule would:
- Add a definition for the term “responsible person”
- Require each responsible person of a corporation, trust or legal entity to complete a specified form, and to submit photographs and fingerprints; and
- Modify the requirements regarding the certificate of the chief law enforcement officer (CLEO).
The ATF kept pushing the final action date in 6 month increments to December 2015 and now has updated it to January 2016. What does that mean? Well, since they only pushed it back a month, it is being assumed that it is coming really soon. The only good news I have to report comes from my contacts which state that:
- The rule would not be retroactive and would only apply to new transactions.
- Any new regulation would only apply to applications submitted after the effective date of the regulation. My contacts have confirmed a similar answer.
Hence, all information currently suggests that if your application is pending at the time any new regulation goes into effect, your application will be grandfathered in, as it complied with the regulations, when it was submitted. Nobody knows any specifics at this time, but I am encouraging all my clients and others to file those Form 1s and 4s. If you wanted to get a SBR or a suppressor … DO NOT WAIT!
I hate to, I mean really hate to, stoke the flames of panic or unnecessary gun purchases. Read that part again: I don’t want to cause a panic. However, it appears to me that the time is nearing and you shouldn’t wait. Already I have seen popular items go out of stock. Oh, and prices have started to pick up.
Bottomline: The ATF is moving soon on 41P and so should you.
If you don’t have a trust, call me. Turn around time is 24-48 hours. Get your trust. Get those forms in!
You can reach my office at (614) 333-6092 or by email at email@example.com.