Federal Gun Registration and Licensing Act

Federal Gun Control Act Title I: Registration of Firearms - Makes it unlawful to possess a firearm not registered provided by this Act. Requires a purchaser of a firearm to complete and file with the Secretary of the Treasury an application for the registration of the firearm.

Authorizes the Secretary to prescribe the form for such applications, and sets forth the pertinent date to be supplied on the forms. Sets the fee for the original application at $1.

Provides that a registrant of a firearm who sells the firearm shall return to the Secretary his certificate of registration. Requires the purchaser of a firearm to note the number of the seller's certificates on his application. Prohibits licensed dealers from: (1) receiving firearms by way of pledge or pawn with the certificate and (2) selling ammunition without requiring the purchaser to exhibit his certificate.

Requires the possessor of a firearm to notify the Secretary within ten days of loss, theft, or destruction of the firearm.

Sets forth a penalty for violation of this title at a maximum of two years imprisonment and/or up to a $2,000 fine. Provides that anyone who supplies false information pursuant to this Act shall be fined up to $10,000 and/or imprisoned up to five years.

Authorizes the Secretary to pay the reasonable value for firearms relinquished to him.

Title II: Licensing - Requires the Secretary to determine which States have adopted adequate permit systems for the possession of firearms, and sets forth specific requirements for an adequate permit system.

Makes it unlawful to transfer any firearm or ammunition to any person other than a person who has a valid permit.

Sets forth a list of qualifications which must be met before a license dealer shall issue a Federal gun license. Provides that such a license shall cost $1 and be valid for a period of up to three years. Requires dealers to maintain records of all licenses issued by him.

Title III: Firearm Tax Receipts - Provides that up to eight percent of the firearms tax receipts may be used to cover expenses incurred pursuant to specific provisions of the Migratory Bird Conservation Act and that this may be apportioned to the State fish and game departments. Sets forth a method for apportioning the remaining revenue to the States.

Title IV: General Provision - Provides that each provision of this Act is separable from the other. States the intent of Congress not to exclude State legislation in the area covered by the provision of this Act.