Increases penalties for: (1) willfully engaging in an illegal firearms business; and (2) in connection with the acquisition or attempted acquisition of a firearm or ammunition, knowingly making false statements or furnishing false or misrepresented identification regarding any fact material to the lawfulness of the sale or other disposition of such firearm or ammunition.
Directs the United States Sentencing Commission to review and amend the Federal sentencing guidelines for violations related to illegal firearms and ammunition businesses.
Authorizes the Secretary of the Treasury to suspend a firearms dealer's license and to assess a civil penalty of up to $10,000 for firearms violations, including failure to have secure gun storage or safety devices (current penalties are limited to license revocation).
Permits any licensed firearms dealer who is indicted for a felony to continue to operate until the date of conviction (currently, until the conviction becomes final).