Brady Waiting Period Extension Act of 1998

Brady Waiting Period Extension Act of 1998 - Amends the Brady Handgun Violence Prevention Act to provide for the establishment of a minimum 72-hour handgun purchase waiting period, unless: (1) a prospective purchaser presents a written statement from the chief law enforcement officer of his or her place of residence during a specified ten-day period, stating that access to a handgun is necessary because of a threat to that person's life or the life of any member of his or her household; or (2) the law of the State requires that an authorized State or local government official verify that the information available does not indicate that possession of a handgun by the prospective purchaser would violate the law.

Requires, when a person applies to buy a handgun, that: (1) the licensed importer, manufacturer, or dealer contact the chief law enforcement officer of the prospective purchaser's place of residence; and (2) five (currently, three) business days have elapsed since the licensee contacted the national instant criminal background check system.