To amend chapter 44 of title 18, United States Code, to strengthen Federal standards for licensing firearms dealers and heighten reporting requirements, and for other purposes.

Amends the Federal criminal code to prohibit a common or contract carrier from knowingly delivering in interstate or foreign commerce a firearm to a licensed importer, manufacturer, dealer, or collector unless the carrier identifies and maintains a record of the identity of the recipient.

Increases license application fees for firearms dealers.

Repeals a provision requiring the Secretary of the Treasury to approve or deny an application for a license to deal in firearms or ammunition within 45 days and related requirements.

Adds as a requirement for approval of such a license that the business to be conducted under the license not be prohibited by State or local law and that the applicant has complied with all requirements of applicable State and local law.

Authorizes the Secretary to inspect the inventory and records of a licensed importer, manufacturer, dealer, or collector without reasonable cause or warrant to ensure compliance with firearms-related recordkeeping requirements (currently, limited to not more than once during any 12-month period).

Requires each licensee to: (1) report the theft or loss of a firearm within 24 hours after it is discovered to the Secretary and appropriate local authorities; and (2) respond within 24 hours after receipt of a request from the Secretary for information contained in required firearms records for determining the disposition of a firearm.

Requires each applicant desiring to be licensed as a dealer to permit the Secretary to photograph and obtain the fingerprints of the applicant.