Handgun Registration Act of 1987

Handgun Registration Act of 1987 - Requires each State, within two years of enactment of this Act, to establish a handgun registration system. Imposes penalties (including mandatory imprisonment for not less than 15 years) for any person possessing handguns in violation of the requirement of registration.

Requires the Attorney General to establish a Federal handgun registration system to be utilized until such State plans are implemented. Terminates certain Federal assistance under the Omnibus Crime Control and Safe Streets Act of 1968 to States which do not comply with this Act by establishing registration systems.