Handgun Registration Act of 1991

Handgun Registration Act of 1991 - Requires the Attorney General to establish a Federal handgun registration system. Makes such system applicable, within two years of the enactment of this Act, in all States failing to establish a State handgun registration system that substantially complies with Federal requirements mandating that States: (1) set registration requirements; (2) impose specified penalties for serious and non-serious registration violations; (3) define "serious violation" based on the number and caliber of unregistered handguns, previous felony or firearms offense convictions, and accessibility of such handguns; and (4) maintain an easily retrievable record of individuals within the State with handguns and of such handguns.

Imposes penalties (including mandatory imprisonment for not less than 15 years) upon any person possessing handguns in violation of the registration requirement.

Terminates certain Federal assistance under the Omnibus Crime Control and Safe Streets Act of 1968 to States which do not establish registration systems.