Tonight we found a copy of the proposed final rule for 41P. It can be downloaded from this link 41P final.pdf
In general, most of what the public was concerned about was removed from 41P by changing the CLEO Certification requirement that was proposed for trusts to be a CLEO Notification.
It will not take effect until 180 days after publication in the Federal Registry so there is still time to purchase items under the existing rules and more reason than ever to create your Gun Trust now.
When 41F the new name for 41P takes effect it will not be retroactive. That is all applications submitted under the current rules will continue to be processed. In addition, there is no requirement to comply with the new rules for previously approved applications or legal entities like Gun Trusts. On page 198 ATF states “The final rule is not retroactive and therefore the final rule will not apply to applications that are in ‘pending’ status, or to previously approved applications for existing legal entities and trusts (Gun Trusts) holding NFA items.”
While I am still reading the 248 pages, so far here are the highlights.
- The final rule only requires that the applicant maker or transferee, including each responsible person for a trust or legal entity, provide a notice to the appropriate State or local official that an application is being submitted to ATF
- The final rule also adds a new section to ATF’s regulations to address the possession and transfer of firearms registered to a decedent. The new section clarifies that the executor, administrator, personal representative, or other person authorized under State law to dispose of property in an estate may possess a firearm registered to a decedent during the term of probate without such possession being treated as a “transfer” under the NFA. It also specifies that the transfer of the firearm to any beneficiary of the estate may be made on a tax-exempt basis.
Amendments to§ 479.62 proposed to change the following for Trusts:
1. Provide that all information on the Form 1 application must be furnished for each responsible person of the applicant;
2. Each responsible person must comply with the identification requirements prescribed in the proposed§ 479.63(b); and
3. Require the applicant (including, if other than an individual, any responsible person), if an alien admitted under a nonimmigrant visa, to provide applicable documentation demonstrating that the applicant falls within an exception to 18 U.S.C. 922(g)(5)(B) or has obtained a waiver of that provision.