Illinois General Assembly - Bill Status for SB1868

Creates the Firearm Dealer Licensing Act. Provides for the regulation of firearm dealers through licensure by the Department of Financial and Professional Regulation. Provides that no person may sell or otherwise transfer, expose for sale or transfer, or have in his or her possession with the intent to sell or transfer any firearm without being licensed under the Act. Provides, however, that the prohibition does not apply to a person who makes occasional sales, exchanges, or purchases of firearms for the enhancement of a personal collection or as a hobby, or who sells all or part of his or her personal collection of firearms. Sets forth provisions concerning application, fees, duration of licensure, license retention requirements, submissions to the Department, penalties, revocation, and suspension. Grants rulemaking authority to the Department and provides that for the purpose of determining compliance with the Act, the Act may be enforced by any municipality in which a licensee is located or, if a licensee is not located in a municipality, by the county in which a licensee is located.

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