Makes it a Federal criminal offense for any person to possess a readily convertible firearm (a machine gun). Provides for a fine of not more than $250,000 or imprisonment for not more than ten years or both. Establishes an exception regarding the use of such firearm by the United States or by a State or local agency. Allows for a 90-day transition period before the prohibition takes effect.
Authorizes the Secretary of the Treasury to purchase during the applicable transition period any such firearm at a price not greater than fair market value. Requires the Secretary to notify persons possessing such firearms of the provisions of this Act.
Introduced in House
Introduced in House
Referred to House Committee on The Judiciary.
Referred to Subcommittee on Crime.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
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