A bill to amend chapter 44 of title 18 of the United States Code to provide for the systematic registration of handguns.

States that, except as otherwise provided in this Act, it shall be unlawful for a person to knowingly possess in or affecting interstate commerce a handgun not registered in accordance with the provisions of this Act. Exempts those handguns held for sale or possessed by the Federal or State governments from the general rule.

States that a licensed dealer who sells a handgun to a person in whose possession the gun must be registered shall require from the purchaser a completed application for the registration of the handgun and shall file the application with the Secretary of the Treasury at the time of sale. Provides that persons who possess handguns on the effective date of this Act shall file an application for registration of the handgun within one hundred and eighty days.

Prescribes the form of the registration application.

States that it is unlawful for a person to carry a handgun required to be registered under this Act without having in his possession a certificate of registration.

Specifies registration requirements with respect to sales of handguns and ammunition between private parties or in the case where the handgun secures a loan by way of pledge or pawn.

Provides that whoever violates the above provisions shall be subject to imprisonment of up to two years, a fine of up to $2,000, or both.

States that whoever falsifies any information required to be filed pursuant to this Act shall be punished with imprisonment of up to five years, a fine of up to $10,000, or both.

Authorizes the Secretary to pay just compensation for handguns voluntarily relinquished to him.

Directs the Secretary to determine which States have adopted adequate permit systems (such determination to be based on specified criteria) for the possession of handguns, and provides that, upon a finding of adequacy, the registration provisions of this Act shall not apply to such States.