Yates Firearm Registration and Crime Prevention Act of 1997

Yates Firearm Registration and Crime Prevention Act of 1997 - Amends the Federal criminal code to make it unlawful for any person who: (1) owns a firearm in the United States to fail to register such firearm with the Secretary of the Treasury within one year after this Act; (2) manufactures a firearm in, or imports a firearm into, the United States to fail to register such firearm within seven days of such manufacture or importation; or (3) transfers, or to whom is transferred, a firearm in the United States to fail to register such firearm within seven days of such transfer.

Makes it unlawful for any person who loses a firearm or discovers a firearm to have been stolen to fail to report such loss or theft to the Secretary within 48 hours.

Makes it unlawful for a person to: (1) possess a firearm or ammunition in or affecting commerce unless the Secretary has issued to such person a valid firearms permit; or (2) transfer or receive such a firearm or ammunition unless the transferee or recipient has and displays to the transferor a valid permit.

Provides permit application requirements.

Authorizes an owner to dispose of a firearm at a place designated by the Secretary. Requires the Secretary to pay the fair market value of such firearm.

Provides penalties for noncompliance with this Act.